Bitcoin (BTC) is currently trading at $74,134, reflecting a 17% increase over the past 30 days, with an 8% rise in the last 12 hours. Earlier today, Bitcoin reached a new all-time high of $75,300.
Today #Bitcoin hits all time high $75,317 pic.twitter.com/79ZsWxNr6I
— Bitcoinik (@Bitcoinikdotcom) November 6, 2024
The recent price surge is widely attributed to Donald Trump’s victory in the U.S. presidential election. The crypto community is now eagerly anticipating announcements from Trump regarding favourable regulatory conditions for the crypto industry.
Bitcoin and the Election Cycle
Since Bitcoin’s inception in 2009, each U.S. election cycle has brought new highs, with prices never falling back to pre-election levels. As we move into 2025, bullish sentiment remains strong, fueled by expectations of Trump’s crypto-friendly policies. Despite a lower probability of aggressive rate cuts, the market anticipates around 1.8 rate cuts this year and three more next year.
QCP: BTC has gone through three election cycles since its inception in 2009, with new highs in each cycle, and prices have never fallen back to pre-election levels. We expect this bullish momentum to remain strong as we enter 2025. Although the market expects the probability of…
— Wu Blockchain (@WuBlockchain) November 6, 2024
This election cycle has also propelled Bitcoin to the rank of the 9th largest global asset by market cap, although it may slide down as trade volume decreases in the coming hours.
JUST IN: #Bitcoin surpasses Meta to become the world’s 9th largest asset by market cap 🔥 pic.twitter.com/KHPulejeSw
— Bitcoin Magazine (@BitcoinMagazine) November 6, 2024
A prominent Bitcoin analyst has identified a Cup & Handle pattern on the BTC price chart, predicting a potential path to $110,000.
#Bitcoin $110,000 Incoming.🚀The Cup & Handle pattern I shared with you months ago is unfolding beautifully.Target: $110K 🎯 pic.twitter.com/YNXXiBTMtm
— Titan of Crypto (@Washigorira) November 6, 2024
Dogecoin’s Potential Rally
Crypto analysts have suggested that Dogecoin (DOGE) could experience significant gains following Elon Musk’s influence on President Trump. Historical patterns indicate that if DOGE breaks its 0.50 Fibonacci retracement level, it could potentially rally to the 1.618 or 2.272 Fib levels, reaching between $4 and $23 if history repeats.
With @elonmusk now influencing the 47th President, @realDonaldTrump, #Dogecoin could be primed for a wild ride!In past bull cycles, once $DOGE broke the 0.50 Fib retracement, it often rallied to the 1.618 or even 2.272 Fib levels. If history repeats, we could see #DOGE hit… pic.twitter.com/VEWXZ0NYOd
— Ali (@ali_charts) November 6, 2024
Read also: Pro-Bitcoin Donald Trump Secures Victory in 2024 US Presidential Election, Sparking Crypto Sector Celebrations
