Bitcoin Price Nears Historical High
SC Analyst "Surged 4% After Vote Counting...
Expected to Rise About 10% More in Coming Days"
Bitcoin prices surpassed $75,000 during the trading session as former President Donald Trump, the Republican candidate in the U.S. presidential election, was seen as likely to win. Some supporters have predicted further upside potential even after the election, so additional gains cannot be ruled out.
According to the global cryptocurrency market tracking site CoinMarketCap, as of 4:34 PM on the 6th (Korean time), Bitcoin was trading at $74,116.35, up 7.96% from the previous close. Around 3:25 PM that day, Bitcoin hit a historic high of $75,317.
Earlier that day, Bitcoin hovered around the $69,000 range, showing a downward trend compared to the previous week. This was because Vice President Kamala Harris was initially expected to hold a slight lead over former President Trump in the morning.
However, as vote counting progressed and Trump's victory became more certain, investor sentiment in cryptocurrencies reversed. The conservative U.S. media outlet Fox News reported on the 6th (local time), "Donald Trump, the Republican candidate for U.S. president, has been elected as the 47th president," displaying this message via broadcast captions and on its website. Fox News also reported that "Trump secured a majority of 277 electoral votes, surpassing Vice President Harris's 226."
The main driver behind the recent weeks-long Bitcoin rally has been the U.S. presidential election. The upcoming U.S. election event scheduled for November 5 (local time) and the expectation of Donald Trump's return to the White House as the Republican candidate have fueled this momentum.
According to foreign media, analysts at Rise Labs noted, "As the possibility of a Republican landslide grows, optimism has spread that pro-cryptocurrency legislation will pass in Congress after the election." Former President Trump has promoted himself as the 'cryptocurrency president' and pledged policies to designate cryptocurrencies as strategic reserve assets.
Bitcoin advocates have also claimed that the price could surpass $100,000. Matt Hogan, Chief Investment Officer (CIO) of Bitwise, recently cited on the social media platform X several reasons for the bullish outlook, including ▲ renewed acceleration of inflows into Bitcoin spot exchange-traded funds (ETFs), ▲ the upcoming U.S. presidential election, ▲ China's economic stimulus measures, ▲ a global trend of interest rate cuts, ▲ supply shocks due to Bitcoin halving, ▲ accumulation by 'whales' (large holders), and ▲ the U.S. government's unlimited deficit.
Jeff Kendrick, an analyst at Standard Chartered, told foreign media in an interview, "If the Republicans take control of Congress in the November U.S. election, Bitcoin prices could rise to an unprecedented $125,000 by the end of the year." He predicted that prices could reach $73,000 by election day and added that further gains would be possible after the election. He was confident that prices would surge 4% immediately after the election results were announced and then rise about 10% more over the following days.
According to cryptocurrency data provider Alternative, the Fear & Greed Index, which measures investor sentiment, stood at 70 (Greed) as of that day. Alternative's Fear & Greed Index ranges from 0, indicating extreme fear and pessimism about investing, to 100, indicating strong optimism.
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