Trump’s victory was unexpected, but he achieved it about a week ago. In polls and research, Kamala Harris consistently led with significant support. However, the results predicted by crypto forecasting platforms contradicted the polls, leading to Bitcoin (BTC) reaching unprecedented levels, as shown in the image below:
[Image: Bitcoin price chart showing a value of $86,952]
Following Trump’s election win, the price of Bitcoin experienced a rapid acceleration in just a few days. As BTC approaches the question of whether it can surpass $73,777, today it has reached as high as $87,300. Just hours ago, we discussed the potential testing of the $89,000 resistance within weeks, but if bulls maintain this pace, testing may occur within just hours.
Typically, Bitcoin price increases resemble those during all-time high (ATH) periods, while also experiencing persistent long-term declines when searching for a bottom. However, during the current rise, we are experiencing the opposite movement, with BTC climbing 30% from its low in just seven days. Even in a period of consolidation at these levels, impressive rallies for altcoins are expected.
Such rapid surges can lead to double-digit pullbacks and temporary corrections. However, since these are generally short-lived, concerns may be unwarranted. Keeping in mind potential corrections due to profit-taking will help traders minimize losses from unexpected market movements.
As Trump assumes office, factors like clear regulations and the Fed’s balance sheet inclusion of Bitcoin will underpin the ongoing rise.
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Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
