- November 14, 2024
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
The Bitcoin price has soared to a new all-time high, driven by the bullish sentiment generated by the Donald Trump effect following the just-concluded US Presidential elections. The last time Trump won the US election in 2016, Bitcoin experienced a similar bullish reaction, surging to new ATHs around that time.
The Trump Effect On The Bitcoin Price
Crypto analyst Mags has taken to X (formerly Twitter) to discuss Bitcoin’s bullish reaction to Trump’s recent Presidential victory in the US elections. According to the analyst, the last time Trump won the Presidential election in 2016, the Bitcoin price jumped 2,700% and peaked in just 400 days.
This historic run not only solidified Bitcoin’s stance in the mainstream market but also highlighted the massive influence specific political changes have had on a cryptocurrency’s value. Based on Mag’s analysis, Trump’s return to the White House after winning the recent US Presidential elections could catalyze another bullish wave for Bitcoin.
The pioneer cryptocurrency is already seeing a massive price increase after Trump’s win. However, the analyst is projecting an even higher bullish outlook for Bitcoin. Mags has revealed that if history repeats itself in this cycle, then Bitcoin could hit a peak around December 2025 or sometime in Q4 of next year.
In 2026, Bitcoin’s price was around $145 to $215. However, after its Trump-induced rally in 2018, the cryptocurrency skyrocketed to $16,000. Unlike this historic 2,700% surge, Mags has projected a less excessive price increase for Bitcoin this cycle.
The analyst forecasts that if Bitcoin experiences a modest 240% run this cycle, the cryptocurrency could see its price hitting a peak of around $250,000. Mags highlighted an even higher price leap in his price chart, suggesting a potential rally towards the $420,000 mark.
Following the analyst’s bullish prediction and analysis of Bitcoin’s future price movements, many crypto community members shared varying perspectives. One member disclosed that if Bitcoin could see half of the growth it experienced after the Trump win in 2016, the cryptocurrency’s next price top would be “huge.” This would represent a 1,350% increase, pushing Bitcoin’s price to approximately $1,215,000 from its current value.
Another crypto member took a more realistic approach, revealing that a 2,400% rally for Bitcoin was impossible at its current level. However, a $250,000 price surge was a more plausible macro target for the cryptocurrency.
BTC Tops Out At ATH Above $93,000
According to market intelligence platform Santiment, the Bitcoin price has topped out at a new ATH of around $93,490. This massive price increase has been attributed to the growing hype across various social media platforms following Trump’s win in the concluded US Presidential elections.
Given how fast and strong Bitcoin’s bullish momentum is growing, Santiment has revealed that the most significant indicators hint at future price surges above $100,000. As of writing, the Bitcoin price has dropped slightly to $89,763 after increasing by approximately 20% this past week.
Featured image created with Dall.E, chart from Tradingview.com
