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The recent presidential election has sent ripples through the cryptocurrency market, with Bitcoin prices reacting positively to… Donald Trump wins On Kamala Harris.
As Trump prepares to take office for a second term, his continued commitment to making the United States the “cryptocurrency capital of the world” has ignited bullish sentiment among investors, putting Bitcoin at the center of his economic proposals.
“Bitcoin price target of $13 million is bearish.”
Dennis Porter, CEO and co-founder of the Satoshi Action Fund, has been vocal about the implications of a Trump win for Bitcoin and the broader cryptocurrency landscape.
In a series of posts on the social media platform X (formerly Twitter), Porter said Highlight The potential for Bitcoin to see significant price discoveries in the coming years. He stressed that the election result indicates a major shift in the political landscape regarding cryptocurrencies.
Porter stated that after the 2024 presidential election, it is “pretty clear” that Bitcoin is a “trump issue”, claiming that opposing support for Bitcoin is “political suicide”, with predictions that the US will lead in Bitcoin.
The CEO of the Satoshi Act Fund believes that as the global community comes to terms with this reality, there is a “dramatic” acceleration in Bitcoin. Adoption will follow.
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In addition to Trump’s victory, the Republican Party gained a majority in Congress, boosting the prospects for cryptocurrency legislation. porter male More than 250 members of Congress are now Bitcoin supporters, which may facilitate a more favorable regulatory environment for the cryptocurrency market to flourish.
This new political support could lead to legislation that clarifies regulations and encourages innovation and investment in the digital asset sector. It could also pave the way for the approval and delivery of one of Trump’s key promises: making bitcoin a digital currency Strategic reserve assets For the country.
One of Porter’s most striking works comments It came just 24 hours after the election when he suggested that a forecast of $13 million per Bitcoin could be considered bearish. “Expect the unexpected,” he said, hinting at the possibility of higher Bitcoin valuations soon.
Has BTC’s bull run extended?
in to update On social media, market expert Rekt Capital provided insight into BTC’s short-term price movement. He highlighted the importance of closing the weekly candle above $71,500, which could indicate the beginning of a breakout from the current re-accumulation range.
Rekt Capital notes that Bitcoin has been in a long reaccumulation phase for over 200 days since the last halving event, which occurred earlier this year in April.
The expert points out that Historical trend Indicating bullish sentiment, Bitcoin’s cycle has dropped significantly from an average of 260 days to just 13 days in the current post-halving context.
This decrease in cycle duration indicates that Bitcoin is going through a slightly accelerating phase compared to previous cycles. However, the current rate of acceleration is not as sharp as earlier in the year, especially in March 2024, suggesting a trend toward stabilization.
Due to this extended consolidation period, Bitcoin has been almost completely re-aligned with history Half courses. Rekt believes that this resynchronization could lead to a longer and more powerful bull run than expected.
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In a related analysis, cryptocurrency analyst Ali Martinez said He speculates About the possible timing of the next market peak for Bitcoin. It highlights the historical pattern in which Bitcoin typically reaches market highs 8 to 12 months after achieving a monthly close above its previous all-time high.
Ali Martinez predicts that the next significant market peak for leading cryptocurrencies could occur between July and November 2025 if this pattern continues.
At the time of writing, BTC’s trading price is $75,100.
Featured image of DALL-E, chart from TradingView.com
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