Analyst Predicts Bitcoin Bullish Trend Before Election!

Bittime - The Bitcoin market is now entering a bullish trend ahead of the US Election in November. 

Matthew Sigel, Head of Digital Asset Research at VanEck, said that the current conditions are very similar to 2020, when Bitcoin was bullish and surged drastically after the election winner was announced. 

Bitcoin Bullish Trend Because of the Election

In the past year, Bitcoin price has experienced an increase of almost 100%. According to Sigel, Bitcoin's bullishness from $57,000 to $70,000 corresponds to Donald Trump's increasing chances of winning the election. 

On some betting platforms such as Polymarket and Kalshi, the odds of Trump winning were estimated at around 62% to 66% as of late October. 

The victory of Trump, who once stated that he wanted to make the US the world's crypto center, is considered a positive factor for Bitcoin market and the crypto sector. Trump's chance of winning also caused a Bitcoin bullish trend.

Read Also: Trump's Victory in the 2024 US Election Could Push Bitcoin Prices Up?

Inflation Causes Bitcoin Bullish Trend 

Not only election factors, global macroeconomic conditions also support the Bitcoin bullish trend. 

Renowned hedge fund manager Paul Tudor Jones has argued that rising global inflation could benefit assets such as Bitcoin, gold and other commodities. 

Jones even stated that in the midst of inflation, he prefers to hold digital assets and commodities rather than bonds. This further strengthens the narrative of Bitcoin as a hedge against inflation and weakening fiat currencies

Bitcoin Bullish Trend: Bitcoin to Reach $3 Million in 2050?

Meanwhile, investment firm VanEck predicts that if the Bitcoin bullish trend continues, Bitcoin prices could reach around $3 million per coin by 2050. 

This prediction is based on the assumption that Bitcoin could become a reserve asset for central banks in the future, as well as being used in global trade. 

According to Sigel, if Bitcoin gets a relatively small allocation of 2% in global central bank reserves, then this price is not impossible to achieve.

Potential of Bitcoin Bullish Trend Continues to Strengthen

With the combination of US election factors, potential global inflation, and increasingly strong support from institutional investors, Bitcoin has a great opportunity to continue in the Bitcoin bullish trend in the long term. 

Regardless of who wins the election, many analysts agree that Bitcoin may continue to attract attention as a hedge asset and means of payment in the future.

This could be a good momentum for investors to consider Bitcoin as part of their investment portfolio, especially in the face of increasing economic uncertainty.

Read Also: Analyst: Bitcoin Mining Stocks Rise 24% Thanks to AI and Economic Situation

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