Bitcoin Price Prediction: Will BTC Hit $80k After Trump's Win?

The digital asset tried to climb up to its previous record high of $73,738, on October 29, 2024, but it failed. Now, Bitcoin's price is at 73K after the elections, and traders believe that there is more to come for Bitcoin price.

Bitcoin price showed signs of strength in the past few days as the U.S. presidential election approached. After rallying to lows of $59,000 at the start of November, BTC price rallied to highs of $73,000 on Monday.

Bitcoin Price Surges Past $73K After Trump Wins Election

After a weekend of uncertainty and anticipation, several news outlets announced on Monday that Republican candidate Donald Trump had won the presidential election. The news came as a surprise to many traders, as the polls had largely predicted a win for Democratic candidate Kamala Harris.

Bitcoin price reacted to the news with a sharp increase in the early hours of Monday. BTC price rallied from lows of $70,000 to highs of $73,000 within minutes. The digital asset tried to climb up to its previous record high of $73,738, on October 29, 2024, but it failed.

Now, Bitcoin’s price is at 73K after the elections, and traders believe that there is more to come for Bitcoin price. After the election, some traders believe the Bitcoin price surge, which helped Bitcoin increase by $14K, may deliver the cryptocurrency to this elevated level to $80k. As discussed and analyzed in trading sites such as Polymarket and Kalshi, the current crypto traders have invested significantly in the contest.

Bitcoin Price Analysis: BTC Price Primed for New All-Time High

A technical analysis of Bitcoin price on TradingView shows that BTC price has had a good run in the past few months. The price of the digital asset has rallied from lows of $45,000 to highs of $73,000.

Bitcoin price tried to retest the previous all-time high after the proposal announcement by Senator Harris. Prices since the August 5 crash show Bitcoin in a short-term bullish structure, possessing higher highs and higher lows.

Several analysts believe that Bitcoin price is primed for a new all-time high if it can break past the $73,738 resistance level. This level has been a strong resistance zone for BTC price in the past, and a breakout could propel the cryptocurrency to new highs.

If Bitcoin price does manage to break past the $73,738 resistance level, the next major resistance level is at $80,000. This level is also a round number resistance, and a breakout could see Bitcoin price rally to new all-time highs.

Bitcoin Price Surges as Trump Wins Election, Pro-Crypto Stance May Aid BTC Price

The outcome of the U.S. presidential election was closely watched by Bitcoin traders, as the candidates’ stances on cryptocurrency could potentially impact the future trajectory of digital assets.

While Harris has expressed support for digital assets and a closer examination of the crypto space, several traders believe that a Trump win could be beneficial for Bitcoin.

Throughout his campaign, Trump has used crypto positively by discussing the possibility of a universal Bitcoin fund and suggesting that the United States should lead in cryptocurrency mining.

Some of his propositions have been good to the traders in the crypto space, hence pulling a positive crowd. The polling averages from the prediction market Kalshi put Trump at a 56.8% chance of winning, while Harris is at 43.2%.

Some of the traders see Trump’s victory as a possibility of having an influence on the Bitcoin price because of Trump’s pro-crypto stance.

“The election outcome could indeed have an impact on the market sentiment; however, there are long-term drivers too such as policies on inflation and investment in which Bitcoin plays its part,” said Ryan Lee, Chief Analyst of Research at Bitget.

Bitcoin Proponents Still Believe BTC Price Is Undervalued

Despite the recent volatility in Bitcoin price, which left many traders guessing, some proponents still insist that Bitcoin is undervalued as an asset.

Previously, the Bitcoin price has risen sharply with increased acceptance by institutions and better political conditions. For instance, the recent application to approve a Bitcoin spot exchange traded fund by BlackRock earlier this year led to a massive influx of fund into the market.

While trading Bitcoin ETFs on October 30 when probability of Trump’s victory increased to 67% detailed influx of money amounted to $893.3 million proving institutional investors confidence. This surge placed Bitcoin price right around $69,000, only about 10% from its peak. As now it’s touching to $73k again after Trump’s win.

Last on the list and the CEO of 10x Research, Markus Thielen, had this to say on the matter, “So, it can rightly be said that the participation of these institutions is still the fundamental generator of the value of Bitcoin.”

Short-term movements can be

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