Bitcoin Price Surge Towards $100,000 After US Presidential Election

Key Points:

• Bitcoin price surge may be coming regardless of the outcome of the US presidential election, with macroeconomic factors playing a larger role than political developments.
• Analysts predict a Trump victory could push Bitcoin to a new high of around $80,000, while a Harris win might see it fall toward $40,000.

According to CNBC, resilience in Bitcoin continues to build up as the U.S. presidential election draws closer. Traders said that whatever the result may be, long-term prospects of the cryptocurrency are undiminished.

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Bitcoin Price Surge Outlook Steady Despite U.S. Election

There was a Bitcoin price surge earlier in the year because of former President Donald Trump‘s pro-crypto stance, but some of that optimism has since started to fade.

James Davies, co-founder of Crypto Valley Exchange, believes the scares of a Kamala Harris presidency taking a toll on the price of Bitcoin are overstated. While crypto startups may be affected under a Kamala Harris presidency, Davies still believes in the growth of the digital asset industry, even more as Bitcoin becomes institutionalized. This year, Bitcoin cemented into the market through the introduction of Bitcoin ETFs in the United States.

Institutional Support Helps Bitcoin Stay Stable Between $55,000 and $70,000

Since March, in which Bitcoin set an all-time high above $73,000, it has been trading between $55,000 and $70,000 throughout 2024. General expectations among investors were that development related to elections could see Bitcoin price surge, but recent trends have proven the opposite- that wider macroeconomic factors have outweighed political ones.

Following the latest Harris-Trump debate, Bitcoin saw a minor slump before inching upwards to close to $60,000. Analysts had earlier speculated that in the event of a Trump win, the cryptocurrency could surge higher; by estimates from Bernstein, it could even reach $80,000 in the case of a Trump win. For its part, a Harris win could drive Bitcoin close to $40,000, the same analysts said.

Although it might still affect the election, many are of the view that the surge in Bitcoin price will continue to be strong in the long term, given its growing adoption by institutions rather than short-term political results.