Ahead of the November 5 U.S. 2024 general elections, the cryptocurrency market, led by Bitcoin (BTC) is gradually gaining steam. The ongoing mainstream adoption of digital assets by retail traders and institutional investors in the United States has entangled the political landscape in the recent past.
Moreover, more than 50 million American voters are invested in the crypto market, with the trend expected to continue in the coming years. As a result, it is safe to assume that the next POTUS will largely be determined by the policies’ inclination to the crypto space.
Peter Schiff Predicts a Bitcoin Dump if Trump Wins
According to Polymarket, a decentralized prediction marketplace, the odds of Donald Trump winning the US presidential election on November 5, against Kamala Harris, has spiked to 63 percent. Tech billionaire Elon Musk believes the odds of Trump winning could reach 69 percent, based on popularity in major swing states.
As a result, crypto degens have put their bet on an imminent bullish breakout for Bitcoin, as observed in the past elections. However, a longtime Bitcoin critic believes that a Trump win could easily turn into a sell-the-news event.
In the meantime, Schiff highlighted that Gold will continue to win investors’ attention as a hedge against global inflation and economic uncertainties.
Worth noting that Gold price has led the precious metal industry in a bull run after recently hitting a new all-time high of above $2,730 per ounce.
Midterm Targets for BTC
According to legendary trader Peter Brandt, Bitcoin price is currently trading at a crucial crossroads, which will heavily determine the next phase. From a technical analysis standpoint, Brandt highlighted that Bitcoin price could either drop to $48k next or breakout towards a new all-time high (ATH) soon.
Meanwhile, institutional investors, led by U.S. spot Bitcoin ETF issuers, have been betting on an inevitable BTC and crypto rally in the near term, akin to Gold and major stock indexes.
