Bitcoin and the wider cryptocurrency markets have experienced a turbulent start to October, with BTC falling as low as $60,370 on October 2.
This comes off the back of a better-than-expected September, and amid optimism over October and Q4 as a whole, which has historically been a very bullish period for the crypto markets, especially during years which have had a US Presidential Election.
Despite the concerning start to October, Suliman Mulhem, a UAE-based Political Consultant, suggested that there are many reasons to remain upbeat and he described November’s Presidential Election as a “bullish catalyst” regardless of the outcome.
“The upcoming US presidential election will serve as a bullish catalyst for the crypto markets even in the event of Kamala Harris defeating Donald Trump,” Mulhem said.
“Although a Trump victory would be met with more optimism from the crypto markets, due to him and his running mate JD Vance being perceived as more ‘crypto-friendly’ than Harris, a victory by the Democrats would nevertheless be bullish, as it would still mark the end of Joe Biden’s stint in office.
“If Biden had opted not to drop out of the presidential race and endorse Harris, the outcome of the election would be more binary, with the cryptocurrency markets almost certainly reacting negatively in the event of the 81-year-old’s re-election, while a Trump victory would result in an immediate spike in optimism from retail and institutional investors alike.”
Mulhem added that he believes it is very likely that Bitcoin will set a new all-time high in the remainder of 2024 or the opening quarter of 2025:
“Now that the election is positioned to be a bullish catalyst irrespective of the outcome – coupled with a much-anticipated, halving-induced Bitcoin supply crunch and the Federal Reserve transitioning to a less restrictive monetary policy – it is extremely likely that Bitcoin will reach a new all-time high in Q4 or the first quarter of 2025.”
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
