As the 2024 U.S. election day is finally here, cryptocurrency analysts are assessing how the election results may affect Bitcoin and the broader crypto market. Experts believe that no matter who wins between Donald Trump and Kamala Harris, Bitcoin is likely to reach at least $100,000 by the end of 2024.
Bitcoin to reach $100k by the end of 2024, regardless of election results
Spot On Chain, an on-chain insights platform, recently expressed an optimistic view to its 90,000 followers on X, indicating that the BTC rally might continue despite the uncertainties. This marks a highly volatile week as the U.S. election takes place, with millions awaiting the presidential election results.
The market is entering its most volatile week with the U.S. election and FOMC meeting, but this rally may be here to stay.
Historically, the real bull run begins post-election, and we believe that whether Trump or Harris becomes the next president, $BTC will continue its upward… pic.twitter.com/7cvCo8QxGK
— Spot On Chain (@spotonchain) November 4, 2024
According to their analysis, the “real” bull run—when Bitcoin and other crypto assets are expected to increase—typically begins after each election. This significant price rise happens every four years, which coincides with the quadrennial U.S. general elections.
Read more: XRP Price Prediction: Ripple Could Crash by 25% After Election
The last major crypto bull run started in late 2020 and peaked in November 2021, aligning with the past U.S. Election Day on November 3, 2020, during the 59th presidential election cycle.
While cryptocurrency users and investors are worried about Bitcoin’s performance post-election, Spot On Chain asserts that whether Trump or Harris takes the presidency, $BTC will likely continue to ascend, potentially hitting the $100K milestone this year.
In addition, renowned crypto analyst Ali recently echoed this viewpoint by sharing charts illustrating Bitcoin’s historical performance following the last three U.S. Presidential Elections.
“I don’t think this time will be different,” he said.
Historical Bitcoin prices and U.S. elections
Based on the graphs shared by Ali, Bitcoin’s price was approximately $100 in May/June 2013, but it soared to over $1,000 before the end of that year, roughly a year after the November 6, 2012, election.
Take a look at #Bitcoin following the last three US Presidential Elections! 👇 I don't think this time will be different! pic.twitter.com/JALqDU0waH
— Ali (@ali_charts) October 30, 2024
A similar trend occurred following the 2016 presidential election, where BTC prices jumped from below $1,000 to above $18,000 by year’s end. The most recent cryptocurrency bull market began after the 2020 U.S. presidential election results, indicating that the asset continued to rise regardless of who was leading in the polls.
At press time, Bitcoin is trading for $67,875, having decreased slightly by 1.25% in the past 24 hours. Other major altcoins, such as Ethereum, Solana, Tron, Cardano, and Toncoin, also reflect this decline.
In contrast, Dogecoin and Ripple are the only top 15 cryptocurrencies showing gains over the last 24 hours; DOGE saw a 3.77% increase, while XRP had a minimal 0.04% rise during the same period.
Nevertheless, while Bitcoin may not experience the dramatic percentage increases seen in previous election years, we should anticipate the flagship digital asset to continue its upward trajectory regardless of the outcome between Republican Candidate Donald Trump and Democratic Candidate Kamala Harris following today’s results.
All eyes are on the 2024 election polls as millions of Americans cast their votes.
Read more: Bitcoin Price Prediction as Trump’s Polymarket Odds Slip
