The US presidential election is just around the corner, and everyone’s wondering how it will affect Bitcoin.
Bitcoin’s Rollercoaster Ride
Bitcoin prices have been on a wild ride lately. Just before the election, Bitcoin surged to a high of $73,620, probably because people were feeling optimistic about a potential Trump win. But then, things took a turn, and the price dipped to $68,830 as people became more cautious about the election’s outcome.
An Expert’s Take
Crypto analyst Alex Krüger has some interesting thoughts on how to navigate the Bitcoin market during the election. He’s laid out a few scenarios based on who wins:
- Trump Victory: Krüger believes a Trump win could push Bitcoin to $90,000 by the end of the year, with a 55% probability. He thinks the market will react quickly if Trump wins, so you’ll need to be on your toes.
- Harris Victory: Krüger thinks a Harris win might see Bitcoin settle around $65,000, with a 45% probability.
Pennsylvania’s Role
Krüger says the election results, especially the Pennsylvania vote count, could be a major factor in how the market reacts. If the Pennsylvania count is clear-cut, we might know the winner on election night. But if it’s close, it could take days to figure out who won.
Krüger’s Strategy
Krüger is bullish on the stock market, regardless of who wins, unless there’s a “Blue sweep” where Democrats win both the presidency and Congress. He believes that the stock market influences Bitcoin, so he’s holding onto his Bitcoin and Nvidia investments. He’s also planning to buy Solana (SOL) if Trump wins, hoping that a Trump administration will approve a Solana ETF.
Why Trump Might Be Good for Bitcoin
Krüger thinks the market has already priced in a Trump victory to some extent. He believes a Trump administration could be good for Bitcoin because it might bring more regulatory clarity and pro-crypto policies. He also thinks Trump’s focus on government spending could boost the economy in the short term, which would be good for the stock market and, in turn, Bitcoin.
What to Do
Krüger doesn’t think you should sell your Bitcoin just because of the election. He says the market has already factored in a lot of the uncertainty, so it’s not likely to be a “sell the news” event.
As of right now, Bitcoin is trading at $70,402. /p>
