A crypto analyst from Altcoin Daily explored how the upcoming US presidential election could impact Bitcoin’s price.
According to the analyst, historically, market performance does not strongly correlate with the winning party. Looking at the long-term S&P 500 chart since 1933, markets generally trend up regardless of who wins.
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Current prediction markets show a Trump victory is increasingly priced in. Billionaire Chamath Palihapitiya argues the economy favors Trump based on how financial players are positioning.
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Show more +A Trump win could initially boost stocks while stoking future inflation concerns, prompting investments in hedges like gold and Bitcoin.
The analyst predicts a short-term spike in equities and crypto if Trump wins. A Harris victory may cause a short-term dip presenting a buying opportunity. Betting odds imply $100 bets on Trump and Harris could yield $162 and $240 respectively.
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Standard Chartered forecasts Bitcoin hitting new all-time highs by year-end, placing the price at $125,000 for a Trump win and $75,000 if Harris wins due to her historical crypto skepticism versus Trump’s favorable stance.
Congress’ composition also impacts post-election market conditions. Historically, markets performed best under a Democratic president with a Republican Congress or a divided Congress.
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