Donald Trump has defeated Kamala Harris in the US election to become the 47th President, sparking optimism over a potential Bitcoin price rally to $100K.
Donald Trump Secures Victory In the US Election
A flurry of market participants has lauded Donald Trump’s victory in the US election, sparking optimism in the crypto sector. According to the Stand With Crypto report, Donald Trump has secured victory in the presidential race this year, defeating Democratic leader Kamala Harris, which comes in tandem with the market expectations.
Besides, it also showcases the growing influence of crypto in the US political landscape. Recently, Coinbase CEO Brian Armstrong highlighted how the voters have leaned toward the pro-crypto candidates in the election.
In addition, the update has also sparked discussions over the US SEC’s potential stance towards digital assets going forward. Notably, many deem the agency to be an anti-crypto regulator, which has hindered growth and innovation in the sector so far.
Meanwhile, Trump’s victory also sparked optimism toward a swift rally in cryptocurrency prices. This is also evident by the recent surge of BTC to a new ATH in anticipation of a potential post-election rally. Now, many in the digital assets space anticipate a potential Bitcoin price rally to $100k in the coming days.
Bitcoin Price To Soar Past $100K?
With Bitcoin price today touching a new ATH high of $75,361, anticipations are soaring over further rally in the crypto price. During writing, the crypto was up more than 6% in the last 24 hours, and its trading volume rocketed 129% to $95.64 billion. Simultaneously, BTC Futures Open Interest rose nearly 9% to $43.57 billion, indicating a growing optimism among investors.
Source: x (Crypto Rover x)
Besides, the crypto market historically, especially Bitcoin, tends to rally after the US election. Notably, Crypto Rover said that the last time Donald Trump secured a US election victory, BTC pumped 2700%. If history repeats, it could potentially send Bitcoin price to $2M in 2025.
Image Source: x (Crypto Rover x)
Meanwhile, a recent Bitcoin price prediction by ChagGPT showed that the crypto is poised to hit $100K by 2025, which has fueled optimism among investors.
Factors That Could Support The BTC Rally
The market was anticipating a crypto market rally, irrespective of who wins the US election. However, it appears that Donald Trump’s victory has cemented bets over a potential breakout, given his recent backing towards the industry, especially Bitcoin.
During his election campaigns, Donald Trump was actively vocal on Bitcoin and the broader crypto industry. Notably, he also said that he would make BTC a strategic reserve for the US if elected. Having said that, many in the market now anticipate the development to come true, which in turn could significantly boost the Bitcoin price.
Meanwhile, Trump’s support for BTC was also seen in other instances. For context, he made a Bitcoin purchase at a pub during his election rally, which has sparked widespread discussion in the crypto market.
So, considering all these aspects and positive market trends, the market is now anticipating BTC to soar past the $100K mark ahead. In addition, the upcoming US FOMC this week is also expected to bolster the market optimism further, with anticipations soaring over a potential 25 bps rate cut by the US Fed.
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