Major Developments for the Week
- Bitcoin surges to $75K on Trump’s early lead
- 21Shares: Ethereum is like ‘Amazon in the 1990s’
- Dogecoin’s breakout from 3-year channel signals 500% rally potential in 2025
- Bitcoin celebrates 16th anniversary of whitepaper
- ‘Crypto is not going anywhere’ — Florida chief financial officer
- MicroStrategy to raise $42B to buy Bitcoin in ‘21/21 plan’
- Mt. Gox sends 500 bitcoin to two unmarked wallets: Arkham data
- British-Asian macroeconomist claims to be elusive Bitcoin creator Satoshi Nakamoto
Bitcoin Hits All-Time High as U.S. Election Results Fuel Market Volatility
Past performance is not an indication of future results
Bitcoin reached a new all-time high of $75,000 on Nov. 6, breaking its previous record of $73,800 set in March. The rally came as early U.S. election results showed Donald Trump taking a lead, sparking increased interest and speculation in the crypto market. Bitcoin initially gained momentum in the New York market, ultimately climbing over 7% in the past 24 hours to hover around $72,000-$74,000 at time of writing.
Many analysts attribute Bitcoin’s price surge to positive sentiment surrounding a potential Trump presidency. Bitcoin analyst Tuur Demeester noted that Trump’s rising odds on prediction markets like Polymarket have coincided with Bitcoin’s upward movement. On Nov. 5, as Bitcoin hit its new all-time high, Trump’s winning odds jumped to 80%, indicating increased investor interest in crypto under Republican leadership.
Bitcoin’s Future: Potential Highs Amid Cautious Optimism
While Bitcoin’s all-time high has energized the market, analysts have been cautious about its next move over the past week.
Bluntz sees potential for Bitcoin to reach $80,000 following a brief correction, with long-term targets between $130,000 and $180,000 if momentum holds, while Credible Crypto warns that a drop to $65,000 could signal a bearish shift unless it holds as support.
Peter Brandt, citing bullish chart patterns like an inverted expanding triangle, suggests a possible parabolic phase with targets around $94,000 and a peak between $130,000 and $150,000.
As election results unfold, these bullish projections are tempered by the need to monitor Bitcoin’s key support levels.
Volatility Expected Post-Election
Despite Bitcoin’s recent surge, market sentiment remains mixed with expectations of ongoing volatility. On Nov. 4, Bitcoin ETFs saw significant outflows totaling $541.1 million, while BlackRock’s IBIT ETF gained $38.3 million, reflecting uncertainty amid the high-stakes election. With Trump holding a lead, Bitcoin’s path will likely be influenced by election outcomes and subsequent market responses.