Emily Walker
The price of Bitcoin has reached a new peak, influenced by the positive market sentiment following the recent US Presidential elections, particularly the victory of Donald Trump. A similar trend was observed after Trump’s 2016 election win when Bitcoin also saw significant price hikes.
Impact of Trump’s Victory on Bitcoin Pricing
Crypto analyst Mags shared insights on X (previously Twitter), focusing on Bitcoin’s price surge following Trump’s recent election victory. According to Mags, following Trump’s 2016 win, Bitcoin’s value skyrocketed by 2,700% within a span of 400 days.
This remarkable increase not only established Bitcoin firmly in the financial arena but also underscored the profound effects political developments can have on cryptocurrency valuation. Mags suggests that Trump’s return to the presidency could trigger another significant uptrend for Bitcoin.
Currently, Bitcoin is already witnessing a substantial price rise post-election. Mags expects the possibility of an even greater increase, suggesting that if historical patterns hold, Bitcoin might reach its highest point around December 2025 or in the fourth quarter of next year.
In 2016, Bitcoin was priced between $145 and $215. However, after a price rally in 2018 attributed to Trump’s influence, it soared to $16,000. Unlike that historical increase, Mags anticipates a more modest 240% rise in this cycle, potentially pushing Bitcoin’s price to around $250,000. He has also suggested an even higher target closer to $420,000 based on his forecasts.
As the community reacts to these optimistic predictions regarding Bitcoin’s future value, opinions vary. Some members speculate that a portion of the growth seen after Trump’s 2016 victory could lead Bitcoin to an extraordinary price point of about $1,215,000 — a 1,350% surge. Others, however, believe that a 2,400% increase is unlikely at this stage, but a more feasible target would be around $250,000.
Bitcoin Surpasses $93,000
Data from market intelligence provider Santiment reveals that Bitcoin recently peaked at approximately $93,490. This surge is attributed to heightened excitement on social media platforms following Trump’s election success.
As Bitcoin’s bullish momentum accelerates, Santiment notes that key indicators suggest it may soon surpass $100,000. Currently, Bitcoin’s price has slightly dipped to $89,763 after a notable 20% increase over the past week.
Featured image created with Dall.E, chart from Tradingview.com