Bitcoin almost hit a new all-time high this week, but is currently hovering around $70,000. As we approach the US elections in just 24 hours, fear in the market is palpable, reflected in Bitcoin’s recent decline, although it is still resting on a strong trendline.
As Bitcoin’s price stabilizes, altcoins fall faster, leading to a shift in Bitcoin’s market dominance. Many in the crypto community expect a Trump victory, but it is essential to evaluate different possible outcomes and strategize accordingly. It’s a defining moment for the year, and those who enter the market wisely can see life-changing profits.
The elections are more than just a voting day; they are the result of months of campaigning and speculation. To date, approximately 77 million early voting ballots have already been cast, representing 40% of the expected turnout.
Key swing states will likely determine the outcome, but current polls offer mixed signals. Regardless of the forecasts, it is crucial to stay informed and flexible.
If Trump Wins – Crypto Market Predictions
It’s clear that if Trump wins, we can expect a market peak; conversely, a Kamala Harris win would likely cause a dip. A Trump victory is generally seen as bullish for Bitcoin. Given its pro-crypto stance, many believe the price could rise. Historically, Bitcoin’s price has mirrored Trump’s poll numbers: rising when his chances improve and falling when they decline.
Altcoins are expected to perform well under Trump’s leadership, especially with the expected removal of Gary Gensler from the SEC. Predictions suggest that Bitcoin could potentially rise between $80,000 and $100,000 shortly after the election results.
If Kamala wins – market scenario
Now let’s look at the alternative: What happens if Kamala Harris wins? This scenario raises concerns among traders as her administration could continue the current regulatory environment, which many consider unfavorable for the crypto market. In this case, we could see a dip in both Bitcoin and altcoins.