As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed numerous market cycles and trends that defied conventional wisdom. The meteoric rise of Bitcoin during Donald Trump’s first term, despite his skepticism towards it, is one such instance that left an indelible mark on my professional journey.
During Donald Trump’s first term as U.S. president from November 2016 to November 2020, Bitcoin (BTC) surged by a staggering 1,900%. This significant increase took place even though he had a negative view of cryptocurrency at the time, as evident in his 2019 tweet where he referred to BTC as highly volatile and its value as being based on nothing more than thin air.
Nevertheless, it seems likely that a second term for Trump as U.S. President could prove beneficial for the cryptocurrency sector, considering his vow to transform the U.S. into a leading “Bitcoin powerhouse” and his intention to reduce regulations to encourage growth in the crypto industry.
Trump’s election victory on November 6th has contributed to Bitcoin reaching a new peak of approximately $76,400. Top analysts like Georgii Verbitskii, founder of TYMIO Yield, anticipate that the BTC price will surpass $100,000 in the near future.
Can Bitcoin price cross $1 million by 2028?
If Bitcoin’s current price were to rise by a factor of 1,900%, it would mean each Bitcoin would be worth more than $1.5 million.
If Bitcoin were to reach this value, it would become an asset class worth nearly $28.5 trillion. This is almost eightfold the market capitalization of Nvidia, the world’s largest corporation in terms of market value, and more than one and a half times larger than the total market value of gold.
It’s widely anticipated that one day, a single Bitcoin could be worth a million dollars. This prediction has been made by renowned financial analysts both in the traditional finance world and the cryptocurrency sector for quite some time now.
As a researcher, I’ve found myself echoing the predictions made by Cathie Wood, CEO of ARK Invest. She had previously projected that the value of Bitcoin could potentially surpass $1 million by the year 2030. She underscored her belief that prominent financial institutions like Morgan Stanley, Merrill Lynch, and Bank of America might soon delve into the Bitcoin market.
Henry Arslanian, one of the co-founders at Dubai-based Nine Blocks Capital Management, shared a similar perspective in his November 6 blog post. He stated that Donald Trump’s victory would potentially invite more institutional investors into the US cryptocurrency sector, such as asset managers and family offices.
Post-election Bitcoin price targets range from $100,000 to $250,000
Most analysts have predicted sharp gains in the Bitcoin market after Trump’s election victory.
10x Research, a well-known cryptocurrency research firm, predicts that the price of Bitcoin could reach $100,000 by January 2025. This prediction is based on the observation that when Bitcoin hits a new six-month high for the first time in six months (as it did recently), it usually delivers a median return of approximately 40% over the next three months.
Meanwhile, independent market analyst Mags predicts that Bitcoin could potentially reach $250,000 within the next year, based on past price surges following US elections.
He argued:
“In 2016 BTC pumped by 2747% post-election. In 2020 BTC pumped by 360% post-election In 2024, with a pro-Bitcoin president. Even a 240% pump would mean $250,000 per Bitcoin.”
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2024-11-07 01:07