Bitcoin, a hot property, in the upcoming U.S. elections, has been facing resistance since the beginning of October, despite crypto pundits cheering for a spell-bounding performance from the BTC. It did manage to march towards the $70K barrier, touching $69,000 mere 15 days ahead of the elections, however, it plummeted back to $67,122 at the time of writing of this report.
There is a lot of money- in fiat and in crypto- riding on Bitcoin- the gold among cryptocurrencies. Former President and presidential candidate Donald Trump wants to convert U.S. into a Bitcoin Capital of the world while the opposing candidate and Vice President Kamala Harris wants “black men” prioritized for Bitcoin.
Bitcoin Price Chart | Source: CoinGecko
With stakes that high, crypto analysts are wondering whether BTC could reach the ambitious figure of $100,000 by the end of 2024? However, there are several speed breakers on this ambitious path that the crypto community wants Bitcoin to cruise through.
What complicates the market’s sentimental structure is that Bitcoin futures have shown no sign of bearish bets.
On Oct. 21, the premium for Bitcoin futures barely moved, which often falls between 5% and 10% in neutral markets. The higher monthly BTC futures pricing reflects the longer settlement term, indicating an upward trend when the premium surpasses 10%. Even though Bitcoin retested the $67,000 support level on October 21, the annualised premium (base rate) stayed above 9%.
Bitcoin 2-month futures | Source: leavitas.ch
Investors and traders have mixed sentiments, especially concerning the upcoming U.S. election.
Here is what analysts and traders have to say about this development
Crypto Enthusiasts’ View on Current Market Sentiments
According to Youtuber Holden Blaize while talking about KASPA (KAS) price prediction, highlighted that in 2025, the majority of cryptocurrency gains are anticipated. Holden Blaize predicts that the Q4 gains would be small compared to the price activity in Q1 2025, despite Kaspa displaying short-term optimistic indicators.
On the other hand, crypto traders like Satoshi Flipper, in a tweet made on October 11, contend that a Trump victory hasn’t yet been factored into the cryptocurrency market, despite opinion surveys indicating the outcome is still up for grabs. According to Satoshi Flipper, a Republican victory would bolster the current Bitcoin
According to teen Bitcoin millionaire Erik Finman, he is throwing his weight behind Trump. He believes a win for the Republican Pro-crypto candidate will make the U.S. a leader in cryptocurrency. He said, “If Trump wins, I believe Bitcoin could hit $100,000 during his second term.”
From a different perspective, according to Basel Ismail, CEO of the financial analytics platform Blockcircle, a new SEC head who is pro-crypto will encourage the use of Bitcoin and open the door for altcoins to make a comeback.
To this end, many altcoin exchange-traded funds (ETFs) are being filled as the U.S. election nears. Altocon tokens such as XRP and Solana seem at the forefront of this race and might even experience a bullish trend after the election.
Trump Vs. Harris Promises on Cryptocurrency Outcome
After years of ambiguity in U.S. legislation, Vice President Kamala Harris has pledged to promote a more transparent regulatory framework for cryptocurrencies, which is a positive development for the industry.
In a noteworthy turn of events, former President Donald Trump shocked spectators by operating the fry station at a McDonald’s in Pennsylvania. As the elections draw closer, his surprising participation may increase interest in Bitcoin by drawing a crowd and sparking conversations about his possible cryptocurrency policy if re-elected.
Final Thoughts
Ahead of the Trump-Harris election, the cryptocurrency market looks like it is on a critical turning point. Bitcoin’s price fluctuations within the $67,000-70,000 level are recent history but the futures markets are barking on a hopeful future with premiums exceeding 9%.
Their viewpoints are different, Erik Finman for instance, is anticipating that Bitcoin may trade at $100,000. This will be possible assuming that Trump is in the white house, quite contrary to what Harris offers, clearer crypto regulations, which also imply market growth. XRP and Solana are likely going to attract institutional investors as more ETF filings are done.
The market seems to be looking forward to good things whether Trump or Joe wins but among the analysts, the bullish inclination seems to be more beneath Trump’s rather favorable view of the crypto world.
Also Read: Kamala’s outreach to Black Men in Crypto is her last-ditch attempt to avoid the inevitable
