Bitcoin, the original cryptocurrency is on a huge rally in the market. As the election goes on and the votes are being counted, the forecast is looking pretty good for the coin. Bitcoin’s latest rally past $74K has turned the eyes of many investors towards this marvelous crypto. If the election results turn in favor of Trump, we can expect an even further surge in the market in the coming hours.
US Presidential Election & the Bitcoin Rally
As the US presidential Election is in full swing, anything can happen in the crypto market. As Donald Trump, a favored candidate, embraced the original cryptocurrency in his campaigns, there arose a huge potential for the coin.
Donald Trump, who was a crypto skeptic has since then changed its stance as a “pro-Bitcoin president”, as per him. He also stated in his campaign that if he gets elected, he will surely launch a new crypto platform. As this news spread across the world, various investors started to buy the famous crypto.
It should also be noted that Trump is the first candidate in the US Election to accept crypto donations. This has helped solidify his claim on supporting the cryptocurrency. With the voting phase over, and the counting began, the demand for BTC has increased to an exponential level, with a price surge of over 9.28% in the last 24 hours.
Election Counting: Trump’s lead & BTC flirting with $75K
The counting of one of the most-awaited elections has begun. As it progressed, Trump took the initial lead. With this news, the crypto market exploded. Now, the BTC is currently trading at $74,766 with a growth of 9.28%. This is considered as currently the break-even point for the coin. If it manages to surpass this point, we will see a further increase in the coin’s price in the coming years.
As for the $75K mark, it was briefly crossed after the early US Presidential election poll was released to the press. It depicted the Republican candidate having a slight edge over Kamala Harris. The current live results are putting Trump in the lead. Even though it is with a slight margin, it can hugely impact the price of the crypto all over the world.
In the US Election, you need 270 electoral votes to win. Currently, Harris has 214 and Trump has 247. He needs 23 more to win. This can be considered a huge lead. But there are still more votes to count from numerous states like Wisconsin, Michigan, and 6 others. Out of these states, only 2 of them have Harris in the lead as of this moment.
Impact of election results on the coin: Price prediction
As the election enters its final stages, Trump is in the lead. With him backing cryptocurrencies, we can expect a huge rise in the market value of various coins. If Trump manages to surpass Harris, Bitcoin is likely going to hit new levels in the market.
Various analysts in the market are now predicting that BTC’s price may range from $120,000 and $180,000 by the end of this year. By 2030, the price is expected to range from $300K to $500K in overall market value. Note that this is only valid if Trump emerges victorious.
Currently, BTC mainly supports levels at $73K and $71K. If some profit-taking occurs in the market, this may slow down the rally but not by a huge margin. BTC has been performing exceptionally well as its demand increased in recent times. However, a small setback is expected with traders opting for short-term profit rather than a long-term investment. Note that all of these are highly dependent on the election results and can vary accordingly.
TROY Creating History In The Crypto Market Surges 240.48% In The Last 4 Weeks.
The post Bitcoin Surpasses $74K For The First Time: A Historic Milestone appeared first on Kallanish Energy.
This post appeared first on Kallanish Energy News.