Bitcoin Price Could Surge to $1 Million in Historic Post-Election Rally
The recent resurgence in the crypto market has seen a significant rebound from the year’s previous downturn. Bitcoin’s value surged by 12%, with Ethereum also experiencing an 11% increase over the past week. Other altcoins followed suit, with Cardano rising by 9%, Solana by 22%, Dogecoin by 18%, Shiba Inu by 16%, BNB by 17%, and XRP by 23%.
Analysts are optimistic that this recent uptrend may just be the beginning of a substantial rally that could gain momentum post-election. Michael Terpin, the founder of Transform Ventures, attributed last week’s crypto market downturn to a typical pullback in Bitcoin following halving and the conclusion of the yen carry trade. However, he believes these risks have now subsided.
Looking forward, Terpin anticipates a significant Bitcoin rally after the election, particularly if Donald Trump secures another term in office. Historically, October and November have been strong months for Bitcoin, especially in halving and post-halving years. Terpin speculates that a Trump presidency could attract a wave of new investors, potentially driving Bitcoin’s price above $100,000.
Arthur Hayes, the co-founder of BitMEX, is confident in the crypto market’s growth regardless of the election outcome. He even envisions Bitcoin reaching “hundreds of thousands of dollars, maybe $1 million.” Hayes predicts that increased deficit spending by both political parties to stimulate the economy will fuel the rise of alternative assets like cryptocurrencies.
Trump’s favorable stance on cryptocurrencies has garnered support within the crypto community. His acceptance of crypto contributions and consideration of establishing a federal Bitcoin reserve distinguish him as a pro-crypto candidate. In contrast, Biden’s regulatory approach has been viewed as more stringent.
Crypto lobbyists have actively backed Trump as a counterbalance to Biden’s regulatory stance. Notable figures like the Winklevoss twins and Jesse Powell have made substantial contributions to support Trump’s candidacy. Hayes’ bullish $1 million Bitcoin forecast hinges more on the cryptocurrency’s role as an inflation hedge than on the election’s regulatory implications.
Hayes believes that regardless of the election outcome, Washington will continue deficit spending and resort to printing money to stabilize the economy. This approach, he argues, will lead to an expansion of the money supply, emphasizing the ongoing need for Bitcoin as a hedge against inflation.
