- Bitcoin has hit a new all-time high, breaking $76,000 for the first time.
- Crypto-friendly Donald Trump won the 2024 presidential elections.
- CNBC expects BTC to touch $100K before the presidential inauguration.
Bitcoin (BTC), valued at $1.4 trillion, has reached a new all-time high in the last 24 hours, breaking past the $76,000 level for the first time. The new record for the leading cryptocurrency is $76,460.15, achieved after rebounding from a daily low of $72,733.32.
Data from CoinMarketCap shows Bitcoin trading volume increased by 30.20% to $96.97 billion in the past 24 hours. As of this writing, BTC is priced at $74,929.44, a 2.05% drop from its peak. Over the past week, Bitcoin has risen 3.64%, with a remarkable 19.41% increase in the last 30 days.
Trump’s Election Win Fuels Bitcoin Rally: The “Trump Trade” Effect
Bitcoin skyrocketed following Donald Trump’s victory in the 2024 United States presidential elections, where he secured a majority with 295 electoral votes. This surge reflects what some analysts are calling the “Trump Trade”—a market response driven by expectations of pro-business policies and reduced regulatory hurdles.
Read also: Altcoin Market Breakout Looms as Bitcoin Hits $75K Record High
The billionaire, known for his involvement in non-fungible token (NFT) initiatives, had pledged to establish fair regulations for the digital asset sector and remove Gary Gensler, the Chair of the Securities and Exchange Commission (SEC), on his first day in office.
Trump’s win not only marks his return to the presidency but also signals a shift in market sentiment as investors anticipate fewer barriers to Bitcoin adoption. The alignment of Bitcoin with Trump’s broader economic policies, often referred to as the “Trump Trade,” underscores the potential integration of the leading cryptocurrency into traditional financial systems under his administration.
Bitcoin Targets Higher Price Levels
Data from TradingView confirms that November 6 was a highly bullish day for Bitcoin, with prices surging nearly 9%. By breaking $76,000 for the first time, Bitcoin signaled strong upward momentum. CNBC analysts predict that BTC could reach $100,000 before Trump’s inauguration if his crypto-related promises are delivered.
The Relative Strength Index (RSI) for Bitcoin currently stands at 67.10, indicating significant buying pressure. However, the upward trend suggests a possible minor pullback before BTC attempts to reach higher price levels.
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