This article is also available in Spanish.
The recent presidential election sent turmoil into the cryptocurrency market, to which Bitcoin prices reacted positively Donald Trump’s victory over Kamala Harris.
As Trump prepares to take office for a second term, his continued commitment to making the United States the “crypto capital of the world” has ignited bullish sentiments among investors, putting Bitcoin at the center of his economic proposals.
‘$13 Million Bitcoin Price Target Is Bearish’
Dennis Porter, CEO and founder of the Satoshi Action Fund has been talking about the implications of Trump’s win on Bitcoin and the broader cryptocurrency landscape.
In a series of social media posts by X (formerly Twitter), Porter highlighted chances are that Bitcoin will experience significant price recovery in the coming years. He emphasized that the result of the election shows a big change in politics regarding cryptocurrency.
Porter said that after the 2024 presidential election, it is “very clear” that Bitcoin is “a successful issue,” saying that opposing the support of Bitcoin is “political suicide,” with a prediction that the United States will lead in BTC.
The CEO of Satoshi Act Fund believes that as the global community comes to terms with this fact, the momentum is “amazing” in Bitcoin. adoption will follow.
Related Reading
In addition to Trump’s victory, the Republican Party gained a majority in Congress, further improving the chances of cryptocurrency legislation. Porter noted that more than 250 members of Congress are now pro-Bitcoin, which would facilitate a favorable regulatory environment for the crypto market to thrive.
This new political support may lead to legislation that clarifies the rules and encourages innovation and investment in the digital goods sector. It could also pave the way for the approval and launch of one of Trump’s key promises: making BTC strategic asset for the world.
One of the most amazing Porters opinions came 24 hours after the election when he proposed a forecast of 13 million dollars per Bitcoin could be considered bearish. “Expect the unexpected,” he said, hinting at the possibility of an even higher Bitcoin valuation in the near future.
An Extended BTC Bull Run?
In an review on social media, market expert Rekt Capital provided insights into the short-term price action of BTC. He emphasized the importance of a weekly candle closing above $71,500, which may indicate the beginning of a break from the current rally range.
Rekt Capital notes that Bitcoin has been in a long rally for more than 200 days since the last Halving event, which took place earlier this year in April.
The expert points out that i historical trends suggests a bullish sentiment, as 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 length indicates that Bitcoin is in a slightly accelerated phase compared to previous cycles. However, the current rate of acceleration is not as bad as at the beginning of the year, especially in March 2024, which suggests a tendency to stabilize.
Because of this extended consolidation period, Bitcoin is almost completely in sync with history Half cycles. Rekt believes this realignment could lead to a longer, stronger bull run than expected.
Related Reading
In a related analysis, crypto analyst Ali Martinez you guess at the potential time of Bitcoin’s next market peak. He highlights a historical pattern where Bitcoin typically reaches market highs 8 to 12 months after reaching a monthly close above its previous high.
Ali Martinez predicts that the next major crypto market boom could be between July and November 2025 if this pattern holds.
At the time of writing, BTC was trading at $75,100.
Featured image from DALL-E, chart from TradingView.com
Source link