Bitcoin Prices Surge Post-Trump Election with $13 Million Price Forecast
The recent presidential election has influenced the cryptocurrency market, with Bitcoin prices reacting positively to Donald Trump’s victory over Kamala Harris.
As Trump prepares for a second term, his commitment to making the United States the "crypto capital of the world" has boosted investor sentiment, positioning Bitcoin at the core of his economic proposals.
‘$13 Million Bitcoin Price Target Is Bearish’
Dennis Porter, CEO and co-founder of the Satoshi Action Fund, has discussed the implications of Trump's win for Bitcoin and the wider cryptocurrency landscape.
Porter highlighted on social media platform X (formerly Twitter) the potential for Bitcoin to undergo significant price discoveries in the coming years, indicating a shift in political support for cryptocurrency.
Porter stated that after the 2024 presidential election, Bitcoin is clearly a "winning issue," suggesting that opposing Bitcoin support could be detrimental politically. He forecasts that the U.S. will lead on BTC.
He believes that as global perceptions shift, there will be a dramatic acceleration in Bitcoin adoption.
In addition to Trump's victory, the Republican Party's majority in Congress enhances prospects for cryptocurrency legislation. Porter noted that over 250 members of Congress now support Bitcoin, which may create a favorable regulatory environment for the crypto market.
This political backing could result in clearer regulations and foster innovation and investment in digital assets. It may also lead to implementing one of Trump’s key promises: to designate BTC as a strategic reserve asset for the country.
Porter suggested that a forecast of $13 million per Bitcoin could be considered bearish, indicating potential for even higher valuations soon.
Extended Bull Run For BTC?
Market expert Rekt Capital provided insights into BTC's short-term price action, emphasizing the necessity of a weekly candle close above $71,500 to signal a breakout from the current re-accumulation range.
Bitcoin has been in a re-accumulation phase for over 200 days since the last Halving event in April.
Rekt Capital observed that historical trends indicate bullish sentiment, noting that Bitcoin's cycle duration has decreased from an average of 260 days to just 13 days post-Halving.
This shorter cycle suggests Bitcoin is in a slightly accelerated phase compared to previous cycles, although the rate of acceleration is stabilizing.
Due to this extended consolidation, Bitcoin has aligned with historical Halving cycles, leading Rekt to believe this resynchronization could result in a longer bull run.
Crypto analyst Ali Martinez speculated about the timing of the next market peak for Bitcoin. He noted a historical pattern where Bitcoin reaches market tops 8 to 12 months after closing above its previous all-time high.
Martinez predicts the next significant market peak for Bitcoin could occur between July and November 2025, if this pattern continues.
At the time of writing, BTC was trading at $75,100.
Featured image from DALL-E, chart from TradingView.com