On the morning of November 6, on the second day of voting in the US presidential election, Bitcoin updated its absolute maximum (ATH). At that moment, the cryptocurrency reached $75,011.
We’ll tell you why Bitcoin has updated its maximum and what forecast BTC gives against the backdrop of cryptocurrency growth from members of the crypto community.
Why is Bitcoin growing?
Bitcoin reached an all-time high as Donald Trump’s chances of winning increased. At the moment, the probability that the ex-president would beat his rival, Kamala Harris, exceeded 96% on the Polymarket forecast market.
The politician promises to support the development of the crypto community. In particular, he intends to reduce regulatory pressure on participants in the crypto industry and create a bitcoin reserve in the United States.
Harris also promised to support the crypto community. At the same time, its initiatives are more aimed at creating a transparent legal framework for the digital asset market. Many associate Harris with the proposals of her predecessor in the presidential race, current US President Joe Biden, whom she replaced after the politician’s unsuccessful debates. For example, Biden put forward an initiative to introduce a 30% tax on miners. Such initiatives by Harris’ party member make her candidacy less attractive to crypto investors.
Bitcoin growth could also be supported expectations further reduction of the Fed’s key interest rate. The changes may increase the investment attractiveness of high-risk assets such as crypto. As of the time of writing, over 96% of forecast market participants are confident that at the meeting on November 7, the Fed will lower the rate from the current 4.75-5% to the range of 4.5-4.75%.
Reaction of the crypto community
Many representatives of the crypto industry have already started congratulate the politician on his victory. In their opinionTrump will keep his promises and support the development of the digital asset market. Including crypto investors hope the imminent resignation of Gary Gensler, head of the US Securities and Exchange Commission (SEC), due to whose actions many crypto companies suffered.
Where will Bitcoin go next: forecasts
Members of the crypto community believe that Bitcoin will continue to grow. Investors expressed their confidence in the continuation of the wave of positive movement of BTC explain high probability of Trump’s victory. For example, technical analyst Geert van Laggen sure the fact that Bitcoin has accumulated enough strength to move into parabolic growth. He outlined the expected trajectory of BTC on the chart.
His prognosis supported popular crypto blogger Crypto Rover. He drew attention to the fact that Trump’s previous election victory resulted in a 2,714% pump for BTC. It is possible that history will repeat itself this time.
Bitcoin continues to grow also predicts CryptoGoos analyst. His technical analysis of the cryptocurrency chart indicates that BTC has the strength to move to new heights.
To supporters of positive forecasts joined Analyst “Coosh” Alemzadeh. He is waiting for BTC to break through the psychological level of $100,000.
Analyst Michael van de Poppe, in turn, believesthat after Bitcoin updated its ATH, it’s time for altcoins to rise.
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Source: Cryptocurrency
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