The possibility of Donald Trump’s victory in the 2024 U.S. presidential election has garnered attention, with predictions suggesting that Bitcoin 
$98,267 prices could soar to $92,000. Jeff Park, Head of Alpha Strategies at Bitwise Investments and a former Morgan Stanley executive, indicates that some are optimistic about Bitcoin reaching $100,000. Nevertheless, experts caution that global market conditions could limit this surge.
Potential Impacts of the Election on Bitcoin
The results of the U.S. presidential election on November 5 could significantly influence the markets. Jeff Park states that if Trump is re-elected, Bitcoin may touch the $92,000 mark, although current market conditions remain cautious about this outlook.
Market Expectations and Expert Opinions
According to Polymarket data, Trump currently appears ahead of Harris. However, FiveThirtyEight data shows that in national polls, Harris leads with 48.1%, while Trump has 46.3%. Elon Musk’s support for Trump may have increased his chances in Pennsylvania.
While speculation about Trump’s victory continues, Bitcoin’s price has stagnated somewhat. Changes in global markets and the strengthening of the U.S. dollar have led to fluctuations in both Bitcoin and stock markets. In particular, rising U.S. bond yields are causing concern among investors. Tony Sycamore, a market analyst from IG Australia, notes that tightening financial conditions could negatively impact the crypto market.
On the other hand, Caroline Mauron, co-founder of Orbit Markets, believes that a Trump victory could lead to higher returns but might negatively affect riskier assets. Nevertheless, it should not be overlooked that long-term gains in the crypto market may become a more dominant factor.
Current Status of Bitcoin and Investor Expectations
Bitcoin is currently trading at around $67,000, with investors continuing to buy ahead of the U.S. election results. BlackRock’s iShares BTC ETF received $317.5 million in investments on Wednesday, while the other 11 Bitcoin ETFs collectively saw an influx of $192.4 million.
The expiration of $5.22 billion in BTC and ETH options on Deribit is imminent, with Bitcoin options valued around $4.21 billion and the maximum loss point set at $64,000.
In conclusion, as uncertainty looms over the markets, attention will be focused on the U.S. elections. Trump’s victory could significantly influence the crypto market, but general market conditions must also be considered.
