Cryptocurrency bulls and BTC believers are now claiming that there will be a significant rally for Bitcoin after the US presidential elections take place this November, with recent prices seeing promising performance. These bulls claimed that it would not matter who wins the presidency in November, as whatever the outcome may be, all are pointing towards the positive.
This massive belief in the top cryptocurrency in the market has analysts and bulls declaring that Bitcoin prices will reach as much as $75,000 by the year's end, a possible new all-time high.
Bulls Believe Bitcoin Will Rally After November US Elections
Yahoo Finance's The Takeaway by Julie Hyman shared the latest sentiments on the crypto market as the US Presidential elections this November are nearing, with Bitcoin bulls claiming that the top coin will rally after this national process. The bulls revealed that it would not matter who wins the presidency, as either way, Bitcoin will still see a stellar performance after the elections.
Currently, the Federal Tax Reserve's rate cut helped the struggling crypto market, with Bitcoin and other blockchain-based coins seeing improvements in the market. After months of struggle, BTC is now seeing a $63,000 valuation after its early September dip to $53,000.
Big events contribute to massive changes in the crypto industry, and the next one is the US Presidential elections.
While Trump declared his massive support for crypto, claiming that he will make America a "crypto capital" and transform Bitcoin as a "superpower," Vice President Kamala Harris has yet to take a side. That being said, the bulls believe VP Harris would ultimately support crypto should she win.
Read Also: Yep, Even Trump's Allies Think Their Crypto Ventures Are a Mistake
Bitcoin Prices to Reach $75,000 By Year's End Says Bulls
Other analysts believe that if Trump wins, Bitcoin prices may skyrocket to as much as $125,000 according to Standard Chartered's crypto research head Geoff Kendrick. That being said, VP Harris' win this November would still see a rally to as much as $75,000, said Kendrick, believing it would be a "win-win" scenario.
The Second Half of 2024 For Cryptocurrency
Crypto made a promising debut when 2024 started, and this was observed until June of this year, but things took a significant turn towards the end of the month. July was one of the worst nightmares for a crypto investor, especially those who have massive stakes in Bitcoin as it saw a disastrous crash, falling to its lowest at $53,000 and stabilizing at $56,000.
August spelled the same outcome in the crypto industry as it was not able to bounce back from this previous crash, and the misfortunes continued. When things were looking promising towards the end of July, August's first week saw all of the top ten coins in the market plummet, collectively losing $300 billion.
It was then followed by a bearish industry where many large-scale investors began unloading their holdings, withdrawing massive amounts of Bitcoin to cash, a move perceived as a way to hinder further losses.
Bulls have a unique perspective about this, believing that no matter who wins the presidency, Bitcoin will rally after the elections, on its way to a new all-time high by year's end.
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