Bitcoin (BTC) has had a rollercoaster ride throughout the past 12 months. The king coin saw major upticks and drastic downfalls. About six months ago, BTC also achieved an all-time high of $73,750.07.
The asset is currently trading at $59,691.90, a 2% drop over the past seven days. Considering BTC’s current price level, the cryptocurrency is 19% below its peak.
Also Read: Shiba Inu: You Can Now Become a SHIB Millionaire For Just $14
Potential Impact of the US Presidential Election on Bitcoin
Community Expectations for a Trump Victory
The community hopes to witness a major price surge if Donald Trump is elected President of the United States. Several believe that Bitcoin will record a new all-time high if Trump scores big. But things could go another way if current Vice President Kamala Harris is elected in November.
A prominent cryptocurrency expert, Mister Crypto, said in an X post that if Kamala Harris wins in November, Bitcoin will plummet to all-time lows. The trader displayed an arrow on a chart pointing to the $16,000 region.
Also Read: FLOKI: Double-Bottom Pattern – Next Big Investment with 20% Surge?
Why Will Bitcoin Dip if Kamala Harris is Elected?
Harris’s ties to the existing administration are the reason behind the concern of a Bitcoin dump if she wins the US presidency. The Biden-Harris administration made the industry one of the strictest regulatory frameworks.
Trump, on the other hand, has been getting on the good books of cryptocurrency members. Trump changed his stance on the market from a foe to a friend. During his campaign, he revealed his inclination towards the King Coin.
According to Standard Chartered, the next major event that might drive the price of Bitcoin to $150,000 before the end of the year is the U.S. presidential election. Geoff Kendrick, head of digital assets research at Standard Chartered, said:
“As we approach the U.S. election I expect $100,000 to be reached and then $150,000 by year-end in the case of a Trump victory.”
Also Read: BRICS Countries Dominate List of Top 10 Fastest-Growing Economies