The recent presidential election has sent ripples through the cryptocurrency market, with Bitcoin prices reacting positively to Donald Trump’s victory over Kamala Harris. 

As Trump prepares to take office for a second term, his ongoing commitment to making the United States the “crypto capital of the world” has ignited bullish sentiment among investors, positioning Bitcoin at the center of his economic proposals.

‘$13 Million Bitcoin Price Target Is Bearish’

Dennis Porter, CEO and co-founder of the Satoshi Action Fund has been vocal about the implications of Trump’s win for Bitcoin and the broader cryptocurrency landscape. 

In a series of posts on social media platform X (formerly Twitter), Porter highlighted the potential for Bitcoin to experience significant price discoveries in the coming years. He emphasized that the election outcome signals a substantial shift in the political landscape regarding cryptocurrency.

Porter stated that after the 2024 presidential election, it is “abundantly clear” that Bitcoin is a “winning issue,” claiming that opposing Bitcoin support is “political suicide,” with a forecast that the United States will lead on BTC.

The Satoshi Act Fund CEO believes that as the global community comes to terms with this reality, a “dramatic” acceleration in Bitcoin adoption will follow.

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In addition to Trump’s victory, the Republican Party has secured a majority in Congress, further enhancing the prospects for cryptocurrency legislation. Porter noted that over 250 members of Congress are now pro-Bitcoin, which could facilitate a more favorable regulatory environment for the crypto market to thrive.

This newfound political support could lead to legislation clarifying regulations and encouraging innovation and investment in the digital asset sector. It could also pave the way for the approval and introduction of one of Trump’s key promises: to make BTC a strategic reserve asset for the country. 

One of Porter’s most striking comments came just 24 hours after the election when he suggested a forecast of $13 million per Bitcoin could be considered bearish. “Expect the unexpected,” he said, hinting at the possibility of even higher valuations for Bitcoin shortly.

Extended Bull Run For BTC?

In an update on social media, market expert Rekt Capital provided insights into BTC’s short-term price action. He highlighted the importance of a weekly candle close above $71,500, which could signal the start of a breakout from the current re-accumulation range.

Rekt Capital notes that Bitcoin has been in a prolonged re-accumulation phase for over 200 days since the last Halving event, which occurred earlier this year in April. 

The expert points out that the historical trend suggests bullish sentiment, as Bitcoin’s cycle has dramatically reduced from an average of 260 days to just 13 days in the current post-Halving context.

This reduction in cycle duration indicates that Bitcoin is in a slightly accelerated phase compared to previous cycles. However, the current rate of acceleration is not as steep as earlier in the year, particularly in March 2024, suggesting a stabilizing trend.

Due to this extended consolidation period, Bitcoin has almost completely realigned with historical Halving cycles. Rekt believes this resynchronization could lead to a longer, more robust bull run than anticipated. 

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In a related analysis, crypto analyst Ali Martinez speculates on the potential timing of the next market peak for Bitcoin. He highlights a historical pattern wherein Bitcoin typically reaches market tops 8 to 12 months after achieving a monthly close above its previous all-time high. 

Ali Martinez predicts that the next significant market top for the leading crypto could occur between July and November 2025 if this pattern holds.

At the time of writing, BTC was trading at $75,100. 

Featured image from DALL-E, chart from TradingView.com

Bitcoin is trading around $75,000 following Donald Trump’s victory in the U.S. election, stirring fresh optimism in the crypto market. Trump’s pro-crypto stance has ignited excitement among analysts and investors who anticipate favorable policies for digital assets in his administration. With Bitcoin now sitting at all-time highs, many speculate this could begin a new rally phase.

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Key data from CryptoQuant indicates that Bitcoin has reached a price equilibrium, suggesting there are no strong market forces pulling the price lower. This positive equilibrium reinforces the bullish outlook and hints at a stable foundation for further growth. Analysts believe Bitcoin may be set for new highs with fewer obstacles in the coming weeks.

As investor confidence builds, some view this phase as a critical moment for Bitcoin to solidify its position in a pro-crypto policy environment. The combination of strong technical support and positive sentiment from Trump’s victory has set the stage for what many hope will be a significant upward trend, potentially driving the broader crypto market higher.

Bitcoin Enters A Bullish Phase

Bitcoin has officially entered a bullish phase after breaking past its previous all-time highs, reaching $76,500. This level has become a new area of focus as many analysts identify it as a potential resistance zone. 

According to CryptoQuant analyst Axel Adler, the market is currently balanced between a “Bubble” and a “Crash” phase. Adler’s analysis, which includes key on-chain data, suggests that Bitcoin’s market structure is at an equilibrium, meaning there are no significant fundamental reasons to anticipate a drop. Instead, this setup provides a stable foundation for possibly continuing Bitcoin’s upward trend.

With the Federal Reserve’s interest rate decision set to be announced today, the next few weeks promise to be pivotal. A stable or favorable decision from the Fed could reinforce the optimism in the market, drawing in new demand and reinforcing Bitcoin’s position above $76,000. 

Many investors and analysts expect heightened activity from institutional players, particularly given Bitcoin’s resilience around this milestone level. The market’s balance at this juncture is crucial. As long as Bitcoin maintains its current structure, it has the potential to continue its upward trajectory without substantial risk of retracement. 

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With fresh demand entering the market and the macroeconomic backdrop shaping up favorably, Bitcoin may soon aim for even higher levels. For now, all eyes remain on the $76,500 mark and how the market will respond in the wake of the Federal Reserve’s announcement. This period of consolidation could be the catalyst for the next leg up, solidifying Bitcoin’s bullish outlook.

BTC Key Levels To Watch 

Bitcoin is trading at $75,000, holding steady above its previous all-time high of approximately $73,800. This level has become a critical support zone as BTC continues in a well-defined 4-hour uptrend. The trend began after a strong bounce from the 200 exponential moving average (EMA) at $66,800, indicating renewed bullish momentum.

Bulls need to keep the price above the $73,000 mark to sustain this momentum, a key psychological threshold. This level boosts market confidence and provides a potential springboard for Bitcoin to reach higher targets soon. A confirmed hold above $73,000 could signal further upside, inviting additional buying pressure and potentially setting up BTC for new highs.

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However, if BTC fails to hold this level, it could slip toward a lower demand area of around $70,500. Despite this possibility, current price action shows no significant signs of a downturn. The steady uptrend and firm support levels suggest that Bitcoin’s bullish outlook remains intact, with little indication of an imminent drop.

As long as BTC maintains its structure, the path toward continued gains remains clear, reinforcing confidence in the ongoing rally.

Featured image from Dall-E, chart from TradingView