Bitcoin ($BTC ) is anticipated to enter a major bull phase following the conclusion of the 2024 U.S. presidential election. With former President Donald Trump and Vice President Kamala Harris in a close race, the crypto community is on edge, watching for how the outcome could impact digital assets. Blockchain analytics platform Spot On Chain has even predicted that BTC could skyrocket to $100,000 after the election!
๐ Current Market Overview
Currently trading in the upper $60K range, Bitcoin is targeting the $70,000 mark. Analysts suggest that post-election conditions could create the perfect environment for BTCโs next rally. Historically, $BTC has shown positive price movements following U.S. elections, making this cycle one to watch closely.
๐ Key Events Impacting $BTC
Two major factors are expected to drive volatility in the coming week:
1. U.S. Presidential Election: The outcome between Trump and Harris could influence investor sentiment and policy directions, both of which are critical to the crypto industry.
2. Federal Reserveโs FOMC Meeting (Nov 6-7): Interest rate decisions and economic outlook from the Fed are likely to impact all financial markets, including digital assets.
Both events could set the stage for a highly volatile market, with many expecting a positive outcome for BTC.
๐ Bitcoinโs Historical Post-Election Rally
Spot On Chainโs analysis highlights a trend where Bitcoin often experiences upward momentum following elections. This time, with increased institutional interest and greater global adoption, many believe a โreal bull runโ could be on the horizon, irrespective of whether Trump or Harris wins.
If BTC can break past $70,000 and establish strong support, the road to $100,000 may not be far off. Investors and analysts alike are preparing for what could be a historic run in the digital asset space.
Stay tuned as we track these critical events and Bitcoinโs potential breakout!
#Bitcoin #BTC #USElections2024 #CryptoBullRun #SpotOnChain 
