Key Points
- Analysts predict politifi tokens could rival DOGE and SHIB, as crypto market volatility increases following U.S. elections.
- Survey suggests 80% of investors believe Bitcoin will establish $80,000 as support if Trump is re-elected.
The crypto market is experiencing a major turning point due to the upcoming U.S. elections.
As per a survey conducted on 9,375 investors, 80% predict that Bitcoin will solidify the $80,000 level as its support if Trump is re-elected.
Bitcoin Reacts to Trump’s Speech
The optimism is understandable considering Bitcoin’s response to Trump’s speech at the Bitcoin Conference 2024 in Nashville.
Bitcoin was struggling to reach $69,000 for over 45 days but managed to breach this level following Trump’s promise of making the U.S. the “crypto capital of the world”.
The impact of U.S. elections on the crypto sector is a hot topic of discussion, especially regarding Bitcoin.
A survey found that 76.6% of investors believe the Republican Party is more likely to support crypto-friendly policies.
Market Anticipations
In light of these expectations, Bitcoin HODLing has gained momentum again.
Julien Bittel, a cryptocurrency analyst at Global Macro Investor, predicts a potential surge in Bitcoin’s price to $190,000.
However, the number of addresses with a balance of over 1k BTC has been on the decline, indicating that major investors might be skeptical about Trump’s crypto support or his chances of winning the election.
Despite potential short-term challenges, Bitcoin’s long-term outlook is positive.
The market anticipates that the Federal Reserve will not cut interest rates during its upcoming meeting at the end of July.
However, there are strong expectations for a rate reduction in September.
The discourse around politics and crypto has seen Politifi tokens register significant gains recently.
For instance, the HARRIS token, with a market cap of nearly $2.9 million, jumped by about 1350% in the last 7 days.
Andrew Kang, Founder of Mechanism Capital, believes that politifi tokens could someday compete with popular coins like Dogecoin and Shiba Inu.
The report also discusses other topics such as the month’s top altcoin, the DeFi ecosystem, the DePIN winter, and the downturn in the NFT market.
The report also addresses six key questions related to the impact of Trump’s potential re-election on Bitcoin’s price, the significance of Solana’s staking system surpassing Ethereum, and more.
The full report can be downloaded from their website.
