Could the U.S. Election Be the Key to Bitcoin’s Next Big Surge?

Bitcoin has been climbing steadily, with some of its momentum tied to recent moves by the Federal Reserve.

Many analysts are optimistic about a rally in October, a month often associated with positive trends for Bitcoin. The upcoming U.S. presidential election is also expected to have a significant impact on the crypto market, with some suggesting the outcome could either fuel or hinder Bitcoin’s growth.

Predictions are divided on how the election results might influence Bitcoin. Analysts believe that a Trump win could push Bitcoin prices even higher, while a victory for Kamala Harris might lead to a dip.

At present, Bitcoin remains above $60,000, and Bernstein analysts have highlighted several reasons for the recent surge, including Harris’ remarks on digital assets, which marked her first direct public acknowledgment of the crypto sector.

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While both Trump and Harris have expressed support for cryptocurrency, Trump’s strong push to make the U.S. a leader in the space is seen as more favorable for Bitcoin’s outlook. Analysts speculate Bitcoin could reach $90,000 if Trump wins, while a Harris win might cause a pullback to $30,000.

Other contributing factors behind Bitcoin’s current rally include rising demand from spot Bitcoin ETFs, the Federal Reserve’s recent interest rate cuts, a recovery in Bitcoin mining, and major Bitcoin sales concluding. Additionally, a potential shift toward more lenient monetary policies and a weakening dollar are also helping drive Bitcoin’s bullish momentum.

Source

Kosta Gushterov