$13 Million Bitcoin? Sounds ‘Bearish’: Expert Hints At Even Greater Heights Ahead

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As a seasoned researcher with over two decades of experience in the financial markets, I have witnessed numerous political events impacting the economy and various asset classes, including cryptocurrencies. The recent presidential election has undeniably added another layer of complexity to this already dynamic landscape.

The latest presidential election has caused a stir in the cryptocurrency world, as Bitcoin‘s price appears to have increased following Donald Trump’s win against Kamala Harris.

With Donald Trump set to begin another term in office, his persistent dedication to establishing the U.S. as a global leader in cryptocurrency is generating optimism among investors, placing Bitcoin at the forefront of his economic strategies.

‘$13 Million Bitcoin Price Target Is Bearish’

Dennis Porter, who is both the CEO and co-founder of the Satoshi Action Fund, has expressed his thoughts on how Donald Trump’s victory could affect Bitcoin and the overall cryptocurrency market.

On the social media site X, previously known as Twitter, Porter underscored the possibility of Bitcoin undergoing major price fluctuations in the near future. He emphasized that the election results indicate a significant change in the political terrain concerning cryptocurrencies.

As a crypto investor looking towards the future, I can confidently say that after the 2024 presidential election, it seems undeniably clear that Bitcoin will emerge victorious. Opposing Bitcoin support could potentially be a fatal move politically speaking. My prediction is that the United States will take the lead in Bitcoin adoption and regulation.

According to the CEO of the Satoshi Act Fund, a significant increase in Bitcoin usage worldwide is likely to occur rapidly once people fully understand and accept its nature.

Beyond Trump’s election win, the Republican Party has also gained control of Congress, boosting the potential for cryptocurrency regulations. Porter points out that approximately 250 members of Congress are supportive of Bitcoin, potentially leading to a more advantageous regulatory landscape that could foster growth in the crypto market.

As a crypto investor, I’m excited about the potential impact of this newfound political support on our industry. It could clear up regulations, fostering innovation and attracting investments in the digital asset sector. Moreover, it might pave the way for the approval and implementation of one of Trump’s key pledges – transforming Bitcoin into a strategic reserve asset for our country.

One of Porter’s standout remarks was made only a day after the election, where he proposed a forecast of around $13 million per Bitcoin as potentially pessimistic. He cautioned, “Be prepared for the unexpected,” implying that Bitcoin’s value could surge even more in the near future.

Extended Bull Run For BTC?

As a crypto investor, I recently came across an insightful post by market expert Rekt Capital on social media about BTC’s short-term price movements. He emphasized the significance of closing the weekly candle above $71,500, which could potentially mark the beginning of a breakout from the current re-accumulation phase we’re in.

According to Rekt Capital, Bitcoin has been undergoing a lengthy period of buying back by investors for more than six months now, following the last halving that took place in April this year.

In simpler terms, the specialist notes that the pattern from history indicates a positive outlook for Bitcoin, since its cycles have significantly shortened – from typically lasting around 260 days to now only about 13 days – within the recent period following the Halving event.

The shortening of each Bitcoin cycle suggests it’s moving faster than before, but the pace isn’t as rapid as it was earlier this year, especially in March 2024. This hints at a more stable trend emerging.

Because of the prolonged period of consolidation, Bitcoin has nearly matched its traditional Halving cycles again. According to Rekt, this synchronization might result in a longer and stronger bull market than initially expected.

In an associated study, digital currency expert Ali Martinez ponders the possible date for the upcoming Bitcoin market summit. He underscores a recurring trend where Bitcoin usually hits market peaks 8 to 12 months following a monthly closing above its former record-breaking level.

According to Ali Martinez, it’s possible that we might see a major peak in the top cryptocurrency market sometime between July 2025 and November 2025, assuming this trend continues as predicted.

At the time of writing, BTC was trading at $75,100. 

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2024-11-08 08:46