Bitget Research: BTC may get a new rally because of Donald Trump

Donald Trump’s victory in the U.S. presidential election could boost the price of bitcoin BTC $64,834.91 Mezo Wrapped BTC 0.79% Market capitalization $77.06 million VOL. 24 hours $0.81 billion to $ 100,000 by the end of 2024, Bitget Research analyst Ryan Lee predicts. In particular, an increase in the market capitalization of stablecoins to $ 160 billion and volatility in the derivatives market indicate that traders are ready for significant price changes.

After Trump’s election, bitcoin hit a new record of over $ 76,400. His presidency is perceived as a positive factor for the cryptocurrency market, as more favorable regulations are expected to develop blockchain innovations. The Republican Party’s control over the Senate, which Coinbase called «the most pro-cryptocurrency Congress,» may lead to a more loyal attitude towards the cryptocurrency business.

In addition, after the election, bitcoin ETFs in the United States resumed buying assets, registering $ 621 million in net inflows, which indicates the growing confidence of institutional investors in the positive market outlook.

As a reminder, Captain Faibik analyst emphasized an important technical milestone for bitcoin: the cryptocurrency has broken out of the «descending wedge» pattern that has been forming since late February, so by the end of 2024, bitcoin’s value could increase by 30%.