The ongoing election season has sparked significant conversations within the cryptocurrency community, igniting heated debates about the future of digital currencies.
While some experts suggest that a Trump win could propel Bitcoin [BTC] to reach $100,000, others argue that a Harris victory might bring substantial changes to the digital asset landscape.
Tom Lee’s Outlook on Bitcoin Growth…
Tom Lee, from Fundstrat Global Advisors, anticipates a strong growth trend in the market leading up to 2025, irrespective of the outcome of the U.S. presidential election.
In a recent appearance on CNBC, Lee highlighted the positive economic fundamentals and the supportive stance of the Federal Reserve as factors that could fuel a market surge by the end of the year.
He pointed out that once the election uncertainties clear up, a considerable amount of sidelined cash might flow back into the market.
“I am optimistic due to the fact that the election uncertainty has prompted risk reduction and cash hoarding, but the underlying fundamentals remain favorable.”
Similar Views from Other Analysts
Apart from Lee, Daan Crypto Trades also expressed a similar sentiment, suggesting a potential 10% price swing based on the election outcome.
“I anticipate a significant price movement, depending on the election results this week.”
In a report released on November 4th, analysts at Bernstein emphasized that,
“Bitcoin continues to show remarkable resilience within the cryptocurrency space.”
Bernstein highlighted BTC’s ability to withstand political turbulence and acknowledged that election results could lead to varied price fluctuations.
While a Trump win could drive Bitcoin to new highs, potentially hitting $80,000 to $90,000, a Harris victory might initially cause a drop, possibly lowering BTC’s price to around $50,000.
Learning from Bitcoin’s Historical Performance
Looking back at historical data, Bitcoin has demonstrated resilience post-U.S. presidential elections.
After the 2012 election, BTC surged by nearly 12,000%, going from $11 to over $1,100 by November 2013.
In 2016, Bitcoin began at around $700 and peaked near $18,000 in December 2017, marking a growth of 3,600%.
Following the 2020 election, Bitcoin witnessed a 478% rally, reaching about $69,000 within a year and surpassing $73,000 by March 2024.
Although the post-election surges have moderated in the last two cycles by 70% and 87%, a projected 90% drop could indicate a surge of about 47.8%. This could potentially push BTC to approximately $103,500 by late 2025.
Currently, Bitcoin is trading at $68,804.11, showing a slight uptick of 0.43% in the last 24 hours. However, it has experienced a 3.18% decline over the past week from its recent peak near $73,000.