Featured image created with DALL.E, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
As the United States approaches its presidential election on Tuesday, November 5, 2024, the Bitcoin market is bracing for significant volatility. In the lead-up to the election, Bitcoin surged to a high of $73,620 on Tuesday, likely reflecting investor optimism over a potential victory for former President Donald Trump. However, by Friday, the BTC price experienced a correction, dipping to $68,830 amid a more cautious, risk-off sentiment as the election looms. How To Trade Bitcoin During US Election Alex Kr\u00fcger, an Argentine economist and renowned crypto analyst, shared his strategic framework on how to trade Bitcoin during the US election period via his X account. Kr\u00fcger outlined scenarios based on possible election outcomes, highlighting that a Trump victory could propel Bitcoin to $90,000 by year-end with a 55% probability, while a win for Vice President Kamala Harris might see Bitcoin settle around $65,000 with a 45% probability. He emphasized that timing will matter: \u201cExpect the move to be fast if Trump wins. Markets rarely waits for laggards on binary events not largely front-run.\u201d Kr\u00fcger also noted that the current Bitcoin price, which he anticipated to be in the $65k-68k range leading up to election night, had “overshot” in alignment with the probabilities favoring a Trump victory. He pointed out the uncertainty surrounding the election results, primarily hinging on the Pennsylvania vote count, which could delay the announcement of a clear winner. Related Reading: Bitcoin Set To Gain If Trump Wins, JPMorgan Cites \u2018Debasement Trade\u2019 As Key Factor \u201cIt largely depends on the Pennsylvania count, if it is lopsided or not. It could be as early as Tuesday evening EST, or days later if the count is very tight. The sooner we get clarity, the easier it gets,” Kr\u00fcger stated. Regarding market sentiment, Kr\u00fcger expressed a bullish outlook on equities regardless of the election outcome, unless there is an unexpected “Blue sweep” where Democrats secure both the presidency and congressional majorities. He explained that “equities drag Bitcoin around.\u201d In his personal investment strategy, Kr\u00fcger revealed that he is positioned with long spots in Bitcoin and Nvidia, and plans to go long on Solana (SOL) if Trump wins. With this, Kr\u00fcger is likely betting on a spot Solana Exchange Traded Fund (ETF) approval in the United States. Kr\u00fcger\u2019s analysis suggests that the market has partially priced in a Trump victory, anticipating that a Trump administration could bolster the Bitcoin price. \u201cMarkets have partially priced a Trump victory in. We (the market, in aggregate) expect Trump to drive crypto prices higher due to increased regulatory clarity and implementation of pro-crypto policies,\u201d the analyst wrote. Related Reading: Can Bitcoin Hit $200,000 Only If The Dollar Falls? Bitwise CIO Answers Additionally, he expects that Trump’s focus on increased government spending would stimulate short-term economic growth, positively impacting equities\u2014a sector closely linked to Bitcoin’s performance. Conversely, a Harris victory would likely represent a continuation of existing policies, barring a significant Democratic sweep. Kr\u00fcger concluded: \u201cBased on betting markets and various election forecasting models, Trump’s probabilities are in the 50% to 63% range. Ergo, it’s “safe” to assume a GOP victory is far from being fully priced in. Such a contested setup is common going into elections. That is why I do not expect \u2018sell the news\u2019.\u201d At press time, BTC traded at $70,402. Featured image created with DALL.E, chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":651088,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[428,656,679,1119,89185,1122,5016,93309],"class_list":["post-651085","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-how-to-trade-bitcoin","tag-how-to-trade-bitcoin-during-the-us-election"],"acf":[],"yoast_head":"\n
How To Trade Bitcoin During The US Election, Expert Reveals<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n