This year’s U.S. election cycle has sparked a lot of buzz around cryptocurrency, particularly Bitcoin (BTC), with many speculating how the outcome might affect its price. Some analysts are predicting that if Donald Trump wins, Bitcoin could surge to $100,000. Others believe a victory for Kamala Harris might bring about significant changes that could shake up the digital asset ecosystem in unexpected ways.
Tom Lee, co-founder of Fundstrat Global Advisors, is optimistic about Bitcoin’s growth, no matter who wins the election. He’s predicting a strong market trajectory heading into 2025, with a broad market rally across various sectors. In a recent CNBC interview, Lee pointed out that solid economic fundamentals, coupled with a dovish Federal Reserve, provide a supportive backdrop for a market surge in the latter part of 2024. He also suggested that once the uncertainty surrounding the election results fades, large sums of cash currently sitting on the sidelines could flow back into the market, further fueling growth.
In a note published on November 4th, analysts at Bernstein also weighed in on Bitcoin’s resilience, emphasizing that BTC remains one of the most robust assets in the crypto space, even in times of political uncertainty. They highlighted that while the election outcome could certainly influence Bitcoin’s price, its ability to weather these political storms has been proven time and time again. Bernstein’s team speculates that a Trump victory could send Bitcoin soaring, potentially pushing the price to between $80,000 and $90,000. However, if Harris were to win, they believe Bitcoin might face an initial dip, possibly falling to around $50,000.
Looking at Bitcoin’s history, there have been some remarkable post-election rallies in the past. After the 2012 election, Bitcoin’s price surged an astounding 12,000% from just $11 to over $1,100 by late 2013. In 2016, BTC began the year at roughly $700 and ended 2017 near $18,000, a gain of over 2,400%. And in the wake of the 2020 election, Bitcoin climbed 478%, reaching nearly $69,000 by late 2021, and even breaking past $73,000 earlier this year in March 2024.
While Bitcoin’s post-election price rallies have slowed in recent cycles, with growth of around 70% to 87%, some analysts still expect significant gains. A projected 90% drop-off in post-election gains could still result in an impressive rally of around 47.8%, potentially pushing Bitcoin to $103,500 by late 2025.
As of now, Bitcoin is priced at $68,804.11, showing a slight increase of 0.43% in the past 24 hours. However, it has seen a decline of 3.18% over the past week, following its recent high near $73,000.
All eyes are now on the election results, as they could be the catalyst for Bitcoin’s next big move—whether that means heading toward new all-time highs or facing a period of volatility. Either way, it’s clear that the crypto market will be watching closely in the months ahead.
