Bitcoin Price Prediction: Will the BTC Price Surge to a New ATH Amid U.S. Presidential Elections?

U.S. presidential elections remain a key catalyst in driving the current Bitcoin prices. Over Polymarket, users anticipate Donald Trump winning the elections by 57.5%.

The total crypto market valuation has reached $2.33 trillion. This marks a significant increase over the past two months, with Bitcoin briefly crossing the $73,000 threshold.

However, a correction in Bitcoin's price over the past few days has brought its market value down to $69,674. It has shown a 0.61% rise in the past 24 hours and a 3.88% increase over 7 days.

Despite this short-term setback, which reduces the weekly return gains, Bitcoin's 30-day performance shows a 13.60% increase over the last 30 days.

With the upcoming U.S. presidential elections, increasing institutional demand, and anticipation of a bullish end to 2024, will Bitcoin's price reach a new all-time high? Let's explore this possibility.

U.S. presidential elections serve as a primary catalyst in driving the current Bitcoin prices. On Polymarket, users anticipate Donald Trump winning the elections by 57.5%. This prediction is heavily supported by $1.15 billion of trading volume. At the same time, Kamala Harris has a 42.5% chance of winning.

Donald Trump's pro-Bitcoin and pro-cryptocurrency stance could make his potential victory a bullish catalyst for Bitcoin.

Turning to Tradingview's daily chart, we observe that the BTC price is encountering resistance at its all-time high level of around $73,600. If Donald Trump wins the U.S. elections, BTC prices are expected to surge.

Moreover, if either candidate wins, the broader market anticipates a 0.25 basis point cut in interest rates. Hence, the BTC price will likely continue its upward trajectory to the 1.272 Fibonacci level at $79,000.

The growing institutional demand for Bitcoin has been a key driving force. U.S. spot Bitcoin ETFs have seen a net positive inflow over the past four weeks.

Leading the pack, BlackRock's IBIT has a total net asset of $29.95 billion, followed by Grayscale's GBTC with $15.22 billion.

If Donald Trump loses the elections, Kamala Harris's increasingly positive stance on Bitcoin might still bode well for the cryptocurrency. However, the broader market sentiment anticipates a minor setback for the crypto market if Donald Trump loses.

In such a scenario, the BTC price might find support around the $65,000 support level. Nevertheless, the potential interest rate cuts following the U.S. presidential elections will quickly reignite the bullish trend. As a result, Donald Trump's loss could be a bittersweet moment for Bitcoin holders.

Curious to know if Bitcoin will hit $100,000 in 2024? Discover a technical and logical analysis in Coinpedia's BTC price prediction, and stay tuned for the latest crypto updates!

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