Early Tuesday saw a range of cryptocurrency values as Americans prepared to cast ballots in the U.S. presidential election. Regardless matter the result, analysts generally believe that the price of bitcoin will rise. However, there can be some volatility in the near future.
According to Joel Kruger, market strategist at LMAX Group, “we continue to see plenty of support around crypto assets in 2024, including what promises to be a friendly incoming U.S. administration, whoever it might be,” IBD said. Trump has, in fact, been far more pro-crypto. As a result, the Harris campaign was compelled to adopt its own crypto-friendly policies, all of which helped the campaign in the run-up to the November election.
Kruger pointed out that U.S. election risk has been the main source of concern in international markets. However, he doesn’t think there will be much of an impact in the immediate aftermath beyond short-term volatility.
“We believe the most important takeaway with respect to the election is what we’ve already learned over the past several weeks — namely, the fact that both parties have recognized the important innovation in the space, while showing a clear willingness to support the emerging industry and asset class,” Kruger stated.
After a strong start to the year, Kruger and LMAX predict that bitcoin will have a “stellar” Q4 performance, paving the way for a record high. The next significant milestone, according to Kruger, might be $100,000 before the year is over.
In other news, Bernstein projects that bitcoin may reach $200,000 in 2025, irrespective of Tuesday’s election result. The demand for hard assets has increased due to record debt levels, monetary growth, and a lack of U.S. budgetary restraint, according to analysts’ research report, which The Block was able to receive. With sufficient opportunity for expansion, the trend was further pushed by the success of spot bitcoin ETFs, according to Bernstein.
According to Bernstein analysts, neither candidate’s win has yet been priced into the cryptocurrency markets. In the event that Trump wins, they predict that bitcoin might hit $80,000 to $90,000 by January 20th, Inauguration Day. According to the business, a Harris victory may cause a decline to $50,000 at that time before rising again.
That happened four years ago, according to Matthew Sigel, head of digital assets research at VanEck, who wrote to IBD, “We think once there is a clear winner, bitcoin will rally strongly.” But according to Sigel, a Trump win could be necessary for ethereum, solana, and other alternative cryptocurrencies to outperform.
Election History of Bitcoin
According to James Van Straten, a senior analyst at CoinDesk, the U.S. election has sparked spikes in the price of bitcoin, but the returns are waning. Bitcoin’s price soared by over 12,000% from November 5, 2012, to November 2013. By December 2017, the value of bitcoin has increased by over 3,600% since the election in 2016. The year after the 2020 election saw a 478% increase in the value of bitcoin.
A postelection rise of around 47.8% is implied if previous patterns are continued. In Q4 of 2025, that would place bitcoin at about $103,500, Van Straten stated.
Bitcoin Value and Cryptocurrency Activity
Tuesday morning saw Bitcoin trade at over $68,800, continuing to fall from a peak of almost $73,500 in late October, almost reaching its record of $73,798 set on March 14.
So far this year, the biggest cryptocurrency in the world has increased by about 64 percent.
Ethereum fell from its high on October 20 above $2,750 to trading below $2,440 on Tuesday. Ethereum hit a 52-week high of $4,090 in March and is up over 6.8% in 2024.
On Tuesday, Coinbase’s shares decreased. The stock recovered somewhat from its 50-day line on Monday, rising 1.9%. After Coinbase failed Q3 profit projections, the cryptocurrency exchange’s shares fell almost 11% last week.
After trading down on Monday, Bitcoin miners Marathon Digital, Iren, Hut 8, Core Scientific, Bit Digital, and CleanSpark recovered before the market opened on Tuesday.
After falling about 3% during Monday’s trading, spot bitcoin ETFs as a group recovered more than 2% early Tuesday.
