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The recent presidential election has impacted the cryptocurrency market, with Bitcoin prices reacting positively to Donald Trump’s victory against Kamala Harris.
As Trump prepares to take office for a second term, his continued commitment to making the United States the “crypto capital of the world” has sparked bullish sentiment among investors, placing Bitcoin at the center of his economic proposals.
“Bitcoin price target of $13 million is bearish”
Dennis Porter, CEO and co-founder of Satoshi Action Fund, spoke about the implications of Trump’s victory for Bitcoin and the broader cryptocurrency landscape.
In a series of posts on social media platform X (formerly Twitter), Porter highlighted the potential for Bitcoin to experience significant price discoveries in the coming years. He emphasized that the election result signals a substantial change in the political landscape regarding cryptocurrency.
Porter said that after the 2024 presidential election, it is “absolutely clear” that Bitcoin is a “winning issue,” saying that opposing support for Bitcoin is “political suicide,” with the prediction that the United States will take the lead in BTC.
Satoshi Act Fund CEO believes that as the global community accepts this reality, a “dramatic” acceleration of Bitcoin adoption will follow.
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In addition to Trump’s victory, the Republican Party gained a majority in Congress, further improving the prospects for cryptocurrency legislation. To carry note that more than 250 members of Congress are now pro-Bitcoin, which could facilitate a more favorable regulatory environment for the development of the crypto market.
This new policy support could lead to legislation clarifying regulations and encouraging innovation and investment in the digital assets sector. This could also pave the way for the approval and introduction of one of Trump’s main promises: making BTC a strategic reserve asset for the country.
One of Porter’s most striking comments came just 24 hours after the election when he suggested that a forecast of $13 million per Bitcoin could be considered bearish. “Expect the unexpected,” he said, hinting at the possibility of an even higher valuation of Bitcoin soon.
Bull Run extended for BTC?
In a update on social media, market expert Rekt Capital gave an overview of the short-term price development of BTC. He highlighted the importance of a weekly close above $71,500, which could signal the start of a breakout from the current reaccumulation range.
Rekt Capital notes that Bitcoin has been in a prolonged reaccumulation phase for over 200 days since the last halving event, which occurred earlier this year in April.
The expert emphasizes that the historical trend suggests bullish sentiment, as the Bitcoin cycle has narrowed significantly, from an average of 260 days to just 13 days in the current post-halving environment.
This reduction in cycle length indicates that Bitcoin is in a slightly accelerated phase compared to previous cycles. However, the current pace of acceleration is not as pronounced as at the beginning of the year, particularly in March 2024, suggesting a stabilizing trend.
Due to this prolonged period of consolidation, Bitcoin has almost completely realigned with its historical values. Halving Cycles. Rekt believes this retiming could lead to a longer and more robust bull run than expected.
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In a related analysis, crypto analyst Ali Martinez speculate on the potential timing of the next market peak for Bitcoin. It highlights a historical trend in which Bitcoin typically hits market highs 8 to 12 months after hitting a monthly close higher than its previous all-time high.
Ali Martinez predicts that the next major market top for the leading crypto could occur between July and November 2025 if this trend continues.
At the time of writing, BTC was trading at $75,100.
Featured image of DALL-E, chart by TradingView.com
