Bitcoin Eyes $80,000 Amid Trump Surge

• The jump in prediction over the platform has helped the largest cryptocurrency to achieve its new all-time high.
•  It is very clear that the overall market predicts a notable win for ex-president Donald Trump.  
• Some major events in July, this year have so far helped the price of Bitcoin to go up. 

After hovering very close to an all-time high on October 29, Bitcoin finally made history by marking a new all-time high on November 6. Witnessing this kind of variation, market analysts now anticipate the largest cryptocurrency to surpass the $80,000 mark. 

Trump takes the winning lead

If we take the data from Polymarket, the world’s largest prediction market, as of November 6, 2024, 5:30 am IST the winning percentage of Donald Trump was 58.0% and Kamala Harris stood at 42.2%. But, a quick surge in the winning percentage can be seen as at the press time, the winning percentage of Donald Trump is 98% and Kamala Harris is 1.4%. 

Now, it is highly speculated that the jump in prediction over the platform has helped the largest cryptocurrency to achieve its new all-time high. Market experts say that if the price of Bitcoin can surge just because of a market prediction of him winning the election, what could a win will do? Then, undoubtedly, it can cross the $80,000 mark. And also it can go more than that to even touch a $1,00,000 mark.  

Not only Polymarket, another application, Betfair also believes that the chances of winning Trump is 99.01% and that of Harris is 1.25%. It is very clear that the overall market predicts a notable win for ex-president Donald Trump.  

The effectiveness of such betting markets in terms of predicting a winner is still a matter of debate, but it undoubtedly highlights the sentiment among crypto traders. 

Trump has so far gained the support of crypto traders having a pro-crypto stance over crypto rules and regulations by convincing everyone by speech at the Nashville Bitcoin Conference. He has also revealed some plans through which he’ll be making a national Bitcoin reserve and promised to make the United States a world leader in mining Bitcoin.

The ex-president has so far announced that the United States will have a complete 100% of the Bitcoin under the state’s control. 

An Analysis of Bitcoin 

Some major events in July, this year have so far helped the price of Bitcoin to go up. TradingView, an analysis platform contains a BTC/USDT daily chart in which it shows the effort of Bitcoin to evaluate its previous all-time high after Harris announced her proposal for crypto.  

It also throws light on the significance of the $60,000 to $80,000 mark for the trading price of Bitcoin. Since July 2024, following the significant events, Bitcoin has traded between the mentioned mark, but only on August 5, it went down to $49,000. 

Now this uptrend suggests the cryptocurrency to hit $80,000 in the near future.