 Bitcoin price outlook hinges on 2024 US election outcome — Analysts 
2024-11-05

Bitcoin could see heightened price volatility following the United States presidential election, but analysts view this as a positive development for its price trajectory.
As of 8:05 am UTC on election day, Bitcoin BTCUSD remains subdued under its old all-time high of $69,000.
The current low volatility in Bitcoin’s price indicates cautious market sentiment ahead of the election results, according to analysts at Bitfinex.
However, an increase in volatility could contribute to Bitcoin’s price appreciation, Bitfinex analysts said. They noted:

Bitcoin could benefit from a victory by former President Donald Trump, who is generally viewed as a more pro-crypto candidate.
A potential Trump win could pave the way for the next Bitcoin rally, although analysts at Sygnum said this could still happen if Vice President Kamala Harris wins the presidency. They wrote:
The Bitcoin price was just $200 shy of logging a new all-time high ahead of the election when it rose above $73,600 on Oct. 29, its highest level since March.
End of the Bitcoin “Trump trade” after elections?
Numerous investors have called Bitcoin’s October rally a “Trump pump,” as it was seemingly correlated with Trump’s rising election-winning odds.
However, the so-called “Trump trade” could come to an end for Bitcoin after the elections, Bitfinex analysts explained:
Other analysts believe that Bitcoin is used as a proxy for a potential Trump victory. However, this current “Trump hedge” rally is lacking the fundamental macroeconomic conditions to result in a new all-time high for BTC.
Harris vs. Trump 2024: What’s at Stake for the Crypto Market? Source: YouTube
Altcoin market set for more downside in the short term
Regardless of the election results, the altcoin market — comprising cryptocurrencies outside of Bitcoin and Ether (ETH) — is expected to face more downside.
Altcoins, specifically those outside the 10 largest tokens, have seen significant downside, which could extend after the election, according to Bitfinex analysts, who explained:
While analysts are widely expecting an altcoin season, the potential returns could be weaker this cycle compared to previous historical altcoin rallies.