Bitcoin (BTC) Price Jumps to New ATH Above $75.3K as Pro-Crypto Donald Trump Declares Victory in US Election 2024

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As a seasoned researcher with over a decade of experience in the volatile world of cryptocurrencies, I’ve seen my fair share of market surges and crashes. The recent 24-hour surge in both Bitcoin (BTC) and Dogecoin (DOGE), fueled by political certainty in the United States, is a testament to the market’s resilience and its susceptibility to external factors.

The cryptocurrency sector, headlined by Bitcoin (BTC $73,288) and Dogecoin (DOGE $0.19), saw a notable increase over the past 24 hours due to political assurances within the United States. With Donald Trump winning the popular vote as the Republican Party claimed victory in both the Senate and the House of Representatives, this has created a favorable climate for cryptocurrencies.

In the previous 24 hours, the leading digital currency experienced a rise exceeding 8%, peaking at an unprecedented high of approximately $75,358. However, during Wednesday’s early London session on November 6, it dipped slightly to around $74,461. At the time this report was written, the combined market capitalization of all cryptocurrencies had climbed more than 6%, sitting at approximately $2.58 trillion.

Consequently, more than 531 million dollars were lost in the cryptocurrency leveraged market, primarily due to short positions taken on Bitcoin and Dogecoin. According to data analysis by Lookonchain, a large-scale investor, often referred to as a whale, lost over $74 million by attempting to short Bitcoin when it hit its all-time high.

So crazy!

After $BTC hit a new all-time high, a whale shorting $BTC got liquidated for $74.98M!

— Lookonchain (@lookonchain) November 6, 2024

Bitcoin Whales React to High-Impact News

Over the past period, the cryptocurrency market has seen a significant bullish trend driven mainly by institutional investors, even though the upward momentum is not very strong. In the coming days, some analysts from Wall Street, including Bitcoin skeptic Peter Schiff, have warned traders about possible downside risks due to a sell-the-news situation that seems imminent.

According to previous reports by Coinspeaker, large Bitcoin investors, particularly those focusing on US spot ETFs, have been taking steps to minimize risk in recent times before significant news breaks out. Notably, the upcoming U.S. elections and the anticipated revisions of benchmark interest rates by both the Federal Reserve and the Bank of England (BoE) are scheduled for tomorrow.

Based on recent market figures, US spot Bitcoin ETFs collectively withdrew approximately $116 million on Tuesday. It’s worth noting that even BlackRock’s IBIT recorded a net withdrawal of more than $44 million, yet it continues to hold over $30 billion in Bitcoin assets.

What Next for BTC Price Action

As an analyst, I find myself observing a fresh bullish surge in the Bitcoin market, with the momentum building up since President Trump’s election victory. Despite a potential temporary dip as some investors cash out their gains, the increasing presence of FOMO traders will amplify the ongoing short squeeze, pushing prices higher over the coming months.

#BTC still tracking general halving year Q4 seasonality

— Benjamin Cowen (@intocryptoverse) November 6, 2024

Based on predictions by well-known crypto analyst Benjamin Cowen, it’s expected that the price of Bitcoin will surpass its current record highs in the upcoming months, much like how it did during past market uptrends.

On the other hand, Cowen warns that Bitcoin’s dominance might initiate the eagerly awaited reversal by the end of this year, which could in turn spark an ‘altseason’.

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2024-11-06 11:57