Is the Bitcoin (BTC) Price on the Verge of a Massive Rally?
2024-11-06

With the race for the US Presidency raging on at full speed, Bitcoin’s price has also skyrocketed.
As CryptoPotatoreported, BTC managed to chart a new all-time high, pushing to $75,000.
This came as the odds of Donald Trump winning the raceincreasedto around 90% on Polymarket – the leading cryptocurrency prediction market.
That said, it’s important to note that, in a longer-term timeframe, interest in Bitcoin remains incredibly low among retail investors. According to Google Trends, searches for “Bitcoin” worldwide were higher even earlier this year.
The lack of retail participation could be an indication that the market is not yet in a state of euphoria, which is usually characteristic of the later stages of a bull market.
It’s also important to monitor the results and the outcome of the US Presidential Election. A convincing victory for Donald Trump could propel prices further, given his plethora of preliminary promises that favored the crypto industry throughout his political campaign leading to the elections. For example, he said he would fire the current Chairman of the United States Securities and Exchange Commission, Gary Gensler, on day one of his presidency. Gensler has been at war with the industry for a while now.
Throughout his last term in office, Bitcoin’s price went on its iconic bull run to achieve an all-time high at $20,000 in late 2017 and the beginning of 2018, prompting many to believe that another rally might be in play, should Trump win.
