The price of Bitcoin has seen more than a 12% increase in the past 5 days. This has raised eyebrows as many wonder why the price has been going up after a long period of consolidation.
Altcoin Daily, a YouTube channel with more than 1.1 million subscribers released a video to address this, discussing the triggers behind the rally and what could be next for BTC. The video begins by discussing Bitcoin as an asset class.
The analyst emphasizes that Bitcoin is increasingly recognized in the financial world, comparable to commodities like gold. This acknowledgment positions Bitcoin as an alternative to traditional assets.
What you'll learn 👉
Multiple Factors Behind the Ongoing BTC Price Surge
The video discussed the BTC price surge Bitcoin and attributes it to multiple factors, including political developments. The analyst points to Donald Trump’s rising poll numbers as a potential driver behind the Bitcoin price pump.
He humorously suggests that if Trump wins the election, his pro-Bitcoin stance might lead to further price increases, even mentioning the idea of paying off the national debt with Bitcoin.
Read Also: Expert Predicts This Next Dogwifat (WIF) Price Target
Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!
Show more +As the discussion continues, the analyst quotes expert voices like Tom Lee, who indicates that the market is gaining clarity ahead of the upcoming election, which may also be contributing to rising Bitcoin prices. He notes that the market, previously perceived as uncertain before elections, has shown resilience, bolstering the upward trend.
He further emphasizes that a substantial amount of cash—approximately $6 trillion—has been sitting on the sidelines, waiting for favorable market conditions. This capital is now flowing into the market, likely fueling Bitcoin’s rally.
He also discussed BTC’s historical performance. The analyst notes that it has recently reached a significant resistance level at $65,000.
Read Also: JasmyCoin (JASMY) Price Could Rally 120% – Here’s How
$100,000 Could Be Next
According to him, if Bitcoin can surpass this resistance, it could stabilize at a higher support level. This could potentially be leading to a surge toward $100,000 by the first quarter of the following year.
The conversation then shifts to the political landscape, with the analyst suggesting that both Donald Trump and Kamala Harris could influence Bitcoin’s future. He highlights Trump’s pro-Bitcoin platform and posits that a Trump presidency could be more advantageous for Bitcoin than a Harris administration.
On the other hand, the analyst discusses Kamala Harris’s stance on cryptocurrency. He mentions that her campaign has proposed a regulatory framework designed to benefit crypto investors, particularly targeting support for black men. This proposal suggests that under a Harris administration, cryptocurrencies like Bitcoin could gain more regulatory clarity.
Arguing that Bitcoin should transcend partisan politics, the speaker draws a comparison between opposition to Bitcoin and resistance to technological advancements like cell phones or artificial intelligence. He asserts that the U.S. should engage in the wealth generation powered by Bitcoin and crypto, advocating for bipartisan support.
The analyst suggests that Bitcoin is likely to continue its bullish path. This could be stronger if the current political and economic factors align to favor crypto.
He projects that Bitcoin could reach $100,000 in the coming months. Breaking through the current resistance level is important to get to this level.
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
