Why Bitcoin Is Very Likely to Shoot Past $70K

The stock market may be in stagnation as US elections take place today, but the cryptocurrency market is not, with many major coins gaining rapidly as the day progresses.

Bitcoin (BTC) is hovering just below $70K right now at $69,7672 (BTC/USD) and will likely climb higher later on today. We expect it to pass $70K easily before the election results are in.

What is remarkable is that Bitcoin has gained nearly 3% over the last 24 hours, despite most major markets holding steady with uncertainty as they await election results. Cryptocurrency is poised to do well no matter who is elected, and that is great for investors. Both Donald Trump and Kamala Harris have offered their support for cryptocurrency in general, but specifically how that will play out has yet to be seen

Trump has given some indication of how he will provide support for investors, token producers, and decentralized finance in general thanks to the launch of his World Liberty Financial platform and its new crypto token. Harris has been less specific but did pledge to improve the regulatory framework surrounding cryptocurrency.

While Trump looks like the crypto candidate, either party taking over the office could be a boon for crypto, if the new President fulfills their promise to crypto investors.

Bitcoin Price Prediction

With Trump being the bigger crypto supporter, we expect that a win for him would mean that Bitcoin will shoot past $70K quickly and hit a new high in days. A win for Harris will likely mean a slower ascent but still result in Bitcoin moving past $70K and staying there for a few days.

On the horizon, we have another Fed interest cut, which should happen this month since we are nearing the 2% inflation rate that the Federal Reserve said was its target goal for that economic metric. Of course, when that cut is made, it should propel Bitcoin even higher, just as the last one did.

The rapid movement within the cryptocurrency market right now is also working in Bitcoin’s favor Dogecoin (DOGE), Avalanche (AVAX), and a number of other crypto tokens are very bullish right now, and that helps draw more attention to Bitcoin as a viable investment with a quick return during this period where the stock market tends to stagnate.