Bitcoin’s recent price jump could be tied to investors’ bets on a Trump victory in the upcoming U.S. election, though the rally may not continue post-election.
On Oct. 29, Bitcoin’s price rose above $73,600, its highest point since March 2024 and close to breaking new all-time records. According to crypto analyst “The Giver,” Bitcoin’s recent spike reflects its use as a “liquid proxy” by those betting on a Trump win.
In an Oct. 30 post, “The Giver” explained, “The election direction doesn’t drive a lasting price shift; instead, Bitcoin is being used to hedge a Trump win.” If Trump secures victory, a “sell the news” reaction could follow, leading to a decline in Bitcoin’s rally.
The U.S. presidential election on Nov. 5 could have lasting effects on crypto policies and markets over the next few years. However, some analysts suggest that even if Bitcoin hits new heights around the election, it may need stronger economic and market conditions to sustain the rally.
Summary Review: Bitcoin’s recent surge may be driven by bets on a Trump win, yet this election-fueled rally might face a pullback after November 5. While Bitcoin is rising as a “hedge” for a Trump victory, analysts question if current macroeconomic conditions can support sustained growth.
Disclaimer:Nothing in this article or under the responsibility of Web30 News should be considered financial advice. This information is for entertainment and educational purposes only. Cryptocurrency investing carries inherent risks, and potential investors should be aware that capital is at risk, and returns are not guaranteed. Always conduct thorough research and consult a financial advisor before making investment decisions.
