As predicted by experts, after the US Presidential election with the final victory belonging to Mr. Donald Trump, the price of Bitcoin immediately skyrocketed from about 67,000 USD to 1 BTC to 89,165 USD to 1 BTC as of 9:25 am on Tuesday, November 12, 2024. This trend certainly has not stopped, and the world's most valuable virtual currency is aiming to surpass the 90,000 USD mark for the first time in its 16 years of existence.
According to predictions by market analysis firm Polymarket, 94% of cryptocurrency investors surveyed bet that Bitcoin's value will hit $90,000 this November.
It’s important to note that Bitcoin has previously increased in value by $10,000 in a single day. And if that trend continues, the prospect of 1 BTC being worth $100,000 or more is entirely possible. According to the same Polymarket poll, 35% of investors believe Bitcoin will reach $105,000, while 73% think we’ll see a price of $95,000 this month.
The reason why President Trump's recent election victory has pushed Bitcoin prices up is because during his campaign, he repeatedly emphasized and expressed optimism about technology. Mr. Trump even spoke at the Bitcoin 2024 conference that he wanted the United States to become the cryptocurrency capital of the planet.
“ History shows that bitcoin could easily end this year at around $100,000 ,” said Kyle Rodda, senior financial markets analyst at online trading platform Capital.com.
Bitcoin also reached a notable $73,000 in March this year, but has been on a steady decline since then until the US presidential election results were finalized. In fact, Bitcoin has surged by 25% since the US presidential election on November 5. Analysts point out that the strong increase in BTC price is mainly due to the wave of excitement, confidence and expectation that the Trump administration will be “friendly” to virtual currencies, strongly supporting digital assets in general.
It is unclear how and when Mr. Trump will follow through on that promise, but his campaign rhetoric has fueled a surge in cryptocurrency mining and trading.
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