- Bitcoin’s price movement is boosting investors’ confidence.
- Bitwise executive predicts a $92,000 Bitcoin price if Donald Trump becomes president.
- Mark Cuban expects Bitcoin to rally, no matter who wins in the upcoming election.
Bitcoin’s price movement is boosting investors’ confidence, with several analysts predicting higher targets for the cryptocurrency should Donald Trump win the upcoming U.S. presidential election. One such analyst is Bitwise executive Jeff Park, who expects a $92,000 target for Bitcoin if Trump wins the November 5 election.
Park maintained the prediction he made since the middle of August when he charted BTC’s price against Trump’s odds via Polymarket. According to the analyst, applying the merger arbitrage-style probability math led him to project a $92,000 Bitcoin target in the event of a Trump victory at the polls.
The Bitwise executive is only one of several top crypto personalities expecting a Trump victory to trigger Bitcoin’s rally. Bitcoin millionaire Eric Finman foresees Bitcoin rising to $100,000 if the election results favor Trump. Finman believes Trump’s policies will ignite the crypto market and fuel massive growth. The former president promised to make the U.S. the world’s crypto capital if re-elected and would fire the unpopular SEC Chair, Gary Gensler, on his first day in office.
Although most analysts consider Trump the more pro-crypto candidate, some Kamala Harris supporters believe the U.S. elections, no matter the outcome, would trigger a Bitcoin rally. Mark Cuban, a renowned crypto personality supporting Harris, thinks the difference is that a Trump victory would trigger a faster Bitcoin rally. However, he believes the rally would be short-term, no matter who wins, with Bitcoin’s price dropping after a few weeks.
Read also: 2024 U.S. Elections: Bitcoin, Ethereum Volatility and Regulatory Risks
Bitcoin recovered from a notable pullback on Wednesday after dropping to 65,000. The flagship crypto staged a rebound, surging 5.81% to reach a 68,800 high on Thursday. According to TradingView’s data, BTC retraced slightly and traded for $67,686 at the time of writing.
In the meantime, scalability-focused Solana (SOL) is taking the shine in the crypto market by registering an impressive performance. Solana hit a record high against Ethereum after breaking a recently set high of 0.06438 ETH, which it set in August. SOL’s rally against ETH has continued, with the altcoin trading for 0.06971 ETH at the time of writing after reaching a 0.07072 all-time high on Thursday.
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