The ongoing U.S. presidential elections have sparked a major boost in the crypto market, with Bitcoin hitting an all-time high of $75,300—an 8% jump in just 24 hours! Over the past year, Bitcoin has more than doubled in value, proving it’s becoming a trusted store of value. But that’s not all—top analysts are now predicting that Bitcoin could soon skyrocket to $100K! Here are the key reasons behind this massive surge.
Trump’s Win Pushes Bitcoin Price Up
Bitcoin price has surged past $73,800 for the first time since March 13, briefly reaching $75,000. This rise came before after election results declared Donald Trump as the 47th U.S. President. However, trump is a strong supporter of cryptocurrencies.
Many analysts believe that Trump’s support for cryptocurrency is helping boost Bitcoin’s price. His positive stance on the crypto industry contrasts with the more reserved views of his opponent, Kamala Harris, who has not been as vocal about supporting crypto.
Halving the Effect On Bitcoin Price
In addition to the political factor, Bitcoin’s halving event has also contributed to the rally as the reduction in miner rewards limits the supply of new coins, making Bitcoin more scarce.
However, past halving events have historically led to price surges, and this time the rally seems to have started earlier than expected.
Spot Bitcoin ETF Outflows
Despite Bitcoin’s rise, recent trading patterns show some changes in the market. On November 4, $541.1 million was pulled out from Spot Bitcoin ETFs, platforms like Fidelity and Grayscale.
Additionally, Bitcoin spot ETFs saw $116.9 million in outflows on November 5. This suggests some investors might be taking profits or adjusting their positions, showing that the market is still volatile.
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Bitcoin Path To $100K
Bitcoin price has just hit a new all-time high of $75,361, and the excitement is building for even more gains. With BTC Futures Open Interest jumping nearly 9% to $43.57 billion, investors are getting more optimistic than ever.
Alongside this, analyst Deutscher believes Trump’s recent victory could trigger an “instant pump,” sending Bitcoin straight to a new record of $100,000 by the end of this year.
But that’s not all—Crypto Rover, a well-known analyst, points out that the last time Trump won the U.S. election, Bitcoin surged by an astounding 2700%. If history repeats itself, we could see Bitcoin rocket to $2 million by 2025
