Potential Bitcoin Surge to $100,000 Predicted Due to Trump Election Outcomes

Cryptonews John Brightwater August 25, 2024

Potential Bitcoin Surge to $100,000 Predicted Due to Trump Election Outcomes

Amid the approaching United States electoral season, analysts are closely observing Bitcoin’s price trajectory, particularly in light of potential political outcomes. A recent commentary by a cryptocurrency expert shared on X (formerly Twitter) on August 25, 2024, suggests that, should former President Donald Trump attain victory in the upcoming election, Bitcoin could feasibly ascend to $100,000.

Notably, Anthony Scaramucci of Skybridge Capital articulated his belief that Bitcoin will ultimately reach this milestone, despite its momentary delays attributed to increasing regulatory challenges and market uncertainties.

Current polling from Polymarket, recognized as the largest prediction market globally, indicates that 51% of American voters anticipate a Trump win, juxtaposed with 47% who support Vice President Kamala Harris. Furthermore, the recent withdrawal of Robert F. Kennedy Jr. from the presidential race, in favor of Trump, suggests a growing inclination among voters towards a candidate perceived as supportive of cryptocurrency.

This shift in sentiment is underscored by the cryptocurrency community’s favorable reception of Trump’s recent commitment to remove Gary Gensler from his role as Chair of the Securities and Exchange Commission (SEC). Should Trump emerge victorious, there is speculation regarding the potential for more favorable and pro-cryptocurrency policies which could significantly impact the digital currency environment.

Moreover, the anticipated announcements from the Federal Reserve, including potential rate cuts, have also contributed to a more optimistic outlook within the market.

As of the latest market data, Bitcoin (BTC) is trading at approximately $64,250, having gained over 1% in the past 24 hours. However, it is pertinent to note a 31% decline in trading volume during the same timeframe, indicating a comparative decrease in trader engagement.

Experts currently project a bullish forecast for Bitcoin in the immediate future, with predictions suggesting it may reach between $68,000 and $71,000 based on prevailing technical analysis. Nonetheless, the $100,000 prediction remains less certain, warranting a cautious perspective as market dynamics continue to evolve.