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As the 2024 U.S. elections approach, Bitcoin and the broader crypto market are attracting the attention of over 50 million Americans. Experts are evaluating how a potential Trump victory could affect Bitcoin prices and the broader landscape of crypto policies.
With the general election set for November 5, 2024, the cryptocurrency market, led by Bitcoin, continues to gain momentum. The rising interest from both retail and institutional investors is fueling this growth, while political messaging around crypto is heightening expectations. According to recent analyses, more than 50 million voters in the U.S. have already invested in cryptocurrencies, and this number is expected to rise.
Trump’s Victory Could Influence Bitcoin’s Price
According to Polymarket predictions, Trump’s chances of defeating Kamala Harris in the upcoming election have risen to 63%. Meanwhile, Elon Musk estimates that Trump’s likelihood of winning could reach 69%, based on his popularity in key swing states.
Amid these developments, crypto investors are taking positions with the expectation that Bitcoin could enter a strong upward trend, similar to patterns observed in past election cycles. However, Peter Schiff, a long-time critic of Bitcoin, has warned that a Trump victory might trigger a “sell the news” event, leading to significant selling pressure.
The #Trump trade is on, yet #Bitcoin is the one Trump asset not rallying. It’s widely believed that a Trump win is bullish for Bitcoin. So why isn’t Bitcoin rising along with the betting odds on Trump? Maybe all the speculators have already bought. Get ready for the Trump dump.
— Peter Schiff (@PeterSchiff) October 23, 2024
Schiff also predicts that amid global inflation and economic uncertainty, investors will continue shifting toward gold. Recently, gold reached an all-time high of over $2,730 per ounce, solidifying its status as a top-performing asset in the precious metals market.
Will the U.S. Elections Cause a Bitcoin Price Drop?
Legendary trader Peter Brandt believes that Bitcoin is at a crucial crossroads, and its next move could determine the direction of the market. From a technical analysis perspective, Brandt suggests that Bitcoin could either drop to $48,000 or experience a strong rally toward new all-time highs.
At the same time, institutional investors, led by U.S.-based spot Bitcoin ETF issuers, continue to invest in Bitcoin and the broader crypto market, expecting inevitable growth in line with gold and major stock indices.
