Bitcoin (BTC) has recently soared past the $75,000 mark to new all-time highs, fueled by market speculation that pro-crypto former U.S. President Donald Trump is on track for victory in the 2024 presidential race. According to popular betting platform Polymarket, Trump’s odds of winning have risen above 80%, with strong polling numbers in key swing states like Pennsylvania signaling potential success.
As things currently stand, Trump leads Democratic candidate Kamala Harris in several critical states, including Pennsylvania, Virginia, North Carolina, and Georgia, suggesting he could secure the necessary 270 electoral college votes to reclaim the White House.
Bitcoin Market Impact Amid Election Speculation
Following this news, Bitcoin was trading around $74,000, with analysts expecting heightened volatility in the near term. If Trump does secure a win, analysts predict an extended “Trump trade” for Bitcoin, potentially pushing prices higher in the weeks and months ahead.
Earlier this year, Trump expressed significant support for crypto by advocating for a national Bitcoin reserve and vowing to replace SEC chair Gary Gensler, known for his strict stance on digital assets. Trump also supports decentralized finance (DeFi), particularly a DeFi project called World Liberty Financial, which his family has ties to. Should Trump win, experts suggest the U.S. may see a friendlier regulatory climate for digital assets.
Political Implications for Bitcoin and Crypto Regulations
According to Polymarket, the Republican Party is projected to control both the House and Senate, increasing the likelihood of broad crypto-friendly legislation. This shift could alleviate uncertainty for the U.S. crypto sector, which has faced regulatory challenges under the current administration.
Will Bitcoin Reach $100,000 This Year?
With a potential Trump victory on the horizon, the Bitcoin market could see a renewed upward trajectory. Recent easing of U.S. interest rates by the Federal Reserve has also supported risk assets, further strengthening the economic environment for a potential Bitcoin surge.
Additionally, Bitcoin appears to be following its classic four-year cycle, which typically includes a consolidation phase after each halving, followed by a surge to new highs. Given that the last halving took place just over six months ago, many believe the conditions are right for Bitcoin to break past $100,000 before the year’s end.
Bitcoin’s fundamentals, combined with favorable macroeconomic conditions, may be setting the stage for a historic bull run in the crypto market. Stay updated with CentBit.Online – your expert source on cryptocurrency and blockchain insights in Bangladesh.
