Markets
Why Bitcoin Price Could Climb Even Higher After Trump Victory, According to Analysts
Published
2 weeks agoon
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adminAfter climbing to a new all-time high earlier this morning, the Bitcoin price has retraced only slightly after U.S. media outlets have decisively called the 2024 presidential election for Republic Donald Trump.
At the time of writing, the Bitcoin price is sitting just below $74,000 after peaking at a new all-time high of $75,358.70 very early this morning, according to CoinGecko data.
And there’s reason to believe that Bitcoin’s big year—spot ETF approvals, the fourth halving, and now Trump’s victory—could set BTC up for a very strong start to 2025, according to Samir Kerbage, CIO at crypto asset manager Hashdex.
“In the six months that followed the last three presidential elections, Bitcoin has had triple digit returns, and even larger returns over the 12-month period,” he said in a note shared with Decrypt. “This history, along with the strong outperformance that typically follows Bitcoin’s halving, ongoing institutional adoption, and the improving regulatory outlook in the US, has set this asset class up for a very strong 2025.”
But not all analysts are convinced that Trump is going to deliver on the many promises he’s made to secure support from the crypto industry.
“Over the last few months, Trump has pledged to make Bitcoin a reserve currency, fire Gary Gensler, push through crypto-friendly regulation, and more. But if he doesn’t deliver on these promises quickly, the euphoria could turn to disappointment, which has the potential to result in crypto market volatility,” wrote Tim Kravchunovsky, founder and CEO of the decentralized telecommunications network Chirp, in a note sent to Decrypt. “We have to be prepared for this because the reality is that crypto isn’t the most important issue on Trump’s current agenda.”
He’s not the first analyst to flag that Trump may not be entirely serious about putting crypto at the forefront of his policies during his second term. Earlier this week, investment research firm Bernstein shared a prediction that even though Bitcoin might have initially dropped with a Harris win that it would have still been well positioned for a strong 2025.
Meanwhile, on crypto betting platform Polymarket, the main betting pool for who would win the U.S. presidential election has already been resolved.
Polymarket CEO Shayne Coplan wasted no time celebrating the triumph of prediction markets over more traditional polls, which right up until the election were forecasting a close race while Polymarket showed Trump widen his lead.
I just got word that the Trump campaign HQ literally found out they were winning from Polymarket.
History was made today.
Surreal
— Shayne Coplan (@shayne_coplan) November 6, 2024
“Trust the markets, not the polls,” Coplan wrote on Twitter. “I just got word that the Trump campaign HQ literally found out they were winning from Polymarket. History was made today,” he said in another post.
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The Chart That Shows Bitcoin’s Bull Run Won’t Stop at $100,000
Published
1 hour agoon
November 21, 2024By
adminPeak Bitcoin, hardly.
As I wrote in Forbes in 2021, the world is waking up to a new reality in regards to Bitcoin – the unlikely truth that Bitcoin’s programming has cyclical effects on its economy.
This has led to at least 4 distinct market cycles where Bitcoin has been branded a bubble, skeptics have rung their hands, and each time, Bitcoin recovers more or less 4 years later to set new all-time highs above its previously “sky-high” valuation.
I personally watched Bitcoin go from $50 to $1,300 in 2013. Then, from $1,000 to $20,000 in 2017, and I watched it go from $20,000 to $70,000 in 2021.
So, I’m just here to relate that, from my past experience, this market cycle is just heating up.
For those who have been in Bitcoin, there’s one tried-and-true and that’s Google Search. As long as I’ve been in Bitcoin, this has been the best indicator of the strength of the market.
Search is low, you’re probably in a bear market. Search heading back to all-time highs? This means new entrants are getting engaged, learning about Bitcoin, and becoming active buyers.
Remember, this is a habit change. Bitcoin HODLers are slowing shifting their assets to a wholly new economy. So, Google Trends search then, represents a snapshot of Bitcoin’s immigration. It shows how many new sovereign citizens are moving their money here.
And it’s something that all who are worried about whether bitcoin’s price topping out in 2024 should pay attention to.
Last year was the Bitcoin halving, and historically, the year following previous halvings has led to price appreciation. Maybe you’re tempted to think, “this time is different” – not me. I look at search and I see a chart that continues to accelerate into price discovery. Trust me when I say no one I know is selling bitcoin.
As shown above, buyer interest is accelerating, and these new buyers have to buy that Bitcoin from somewhere. Add nation states, US states, and a coming Trump administration set to ease the burden on the industry?
Well, I think the chart above says it all really.
This article is a Take. Opinions expressed are entirely the author’s and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.
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Bitcoin
Bitcoin Nears $96K, Continuing Wild ‘Trump Trade’ Rally
Published
14 hours agoon
November 21, 2024By
adminBTC traded above $95,900 in early Asian hours, less than 6% from a landmark $100,000 figure that would push it above a $2 trillion market capitalization.
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Bitcoin
Bitcoin Boosts MicroStrategy (MSTR) to Higher Trading Volume Than Tesla and Nvidia
Published
22 hours agoon
November 20, 2024By
adminToday, MicroStrategy (MSTR) surpassed a $100 billion market cap to become the 93rd largest publicly-traded company in the U.S.
At the time of writing, MSTR has done more trading volume than both stock giants Tesla and Nvidia today, and has traditional stock traders like the Wall Street Bets community losing their minds.
Wow $MSTR is the most traded stock in America today.. to best $TSLA and $NVDA is crazy. It's been years since a stock has traded more than one of those two (it may have actually been $GME to last do it). It's also about double $SPY! Wild times.. pic.twitter.com/bUr8nycMX3
— Eric Balchunas (@EricBalchunas) November 20, 2024
This is absolutely mindblowing considering MicroStrategy was a mere $1 billion company when it first bought bitcoin for its treasury about four and a half years ago.
The big question I’m asking myself is, how and when does this end? Assuming MSTR continues to pump until the peak of this bull market, it’s anyone’s guess on how high MSTR may go.
But how hard will it crash in the bear market, considering it is essentially a leveraged trade on bitcoin? Dare I even suggest that this time may be different, and that the downside of the next bitcoin bear market won’t be as brutal as the 70%+ corrections we’re historically used to seeing?
Even with the spot bitcoin ETFs, and the notion that the US may lead the charge of nation states buying up mass amounts of bitcoin, I’m still not convinced that we don’t eventually see a massive downturn in bitcoin’s price. And I’m mentally preparing for a normal bitcoin bear market to commence after this bull market finishes sometime in the next year or so.
But back to MSTR — Michael Saylor has thus far proven that the Bitcoin for Corporations strategy works in stunning fashion. Public companies have been coming out of the woodwork this past week announcing that they’ve purchased bitcoin for their balance sheet or plan to do so, and it seems this trend will continue as the CEO of Rumble asked his X audience if he should add BTC to their balance sheet (almost 94% of his 42,522 voters voted “yes”).
Lets put this in a poll format…
Should Rumble add Bitcoin to its balance sheet?
— Chris Pavlovski (@chrispavlovski) November 19, 2024
Michael Saylor even offered to help explain how and why Rumble should adopt a corporate BTC strategy.
Institutional bitcoin adoption is here and it’s only going to grow for the foreseeable future. As companies figure out the logic behind adopting bitcoin as a strategic reserve asset, the number of publicly-traded companies that adopt this strategy is going to explode.
Companies that add bitcoin to their balance sheet will rise above most other companies — even top big tech giants — in terms of trading volume, as MicroStrategy has, until all companies add bitcoin to their balance sheet. I try to put myself in the shoes of a trader, with knowledge on Bitcoin and think to myself, “Why on earth would I buy any company’s stock if they don’t have bitcoin on their balance sheet?” I wouldn’t — it would be way too boring.
Putting BTC on the balance sheet helps create volatility, and therefore opportunity for stock traders, which is good for the traders, stock price, and company overall. If you are a publicly-traded company, it is a no brainer to adopt bitcoin as a treasury reserve asset.
This article is a Take. Opinions expressed are entirely the author’s and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.
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