Trump’s Victory Could Spur Bitcoin to $190K, suggests AMBCrypto July 2024 Forecast

Key Points

Analysts anticipate that politifi tokens may reach the heights of DOGE and SHIB amidst rising volatility in the crypto market following the U.S. elections.

A survey indicates that 80% of investors believe Bitcoin will establish $80,000 as its support level should Trump be re-elected.

Impact of the U.S. Elections on the Crypto Market

The upcoming U.S. elections have spurred significant interest in the crypto market. A survey involving 9,375 investors revealed that 80% predict Bitcoin solidifying $80,000 as its support if Trump wins a second term.

Bitcoin's Response to Trump's Speech

This optimism stems in part from Bitcoin's reaction to Trump's address at the Bitcoin Conference 2024. After struggling to surpass $69,000 for over a month and a half, Bitcoin surged above this threshold following Trump's pledge to make the U.S. the "crypto capital of the world."

Political Sentiments and the Crypto Sector

The U.S. elections have become a hot topic for the crypto community, particularly concerning Bitcoin. The survey found that 76.6% of investors view the Republican Party as the more crypto-friendly side.

Market Expectations

In light of these sentiments, Bitcoin HODLing has gained renewed traction. Julien Bittel, a cryptocurrency analyst at Global Macro Investor, anticipates a potential Bitcoin price rally to $190,000. However, skepticism remains among major investors, as evidenced by the decline in addresses holding over 1k BTC.

Long-Term Outlook for Bitcoin

Despite near-term uncertainties, Bitcoin's long-term prospects remain optimistic. The market anticipates the Federal Reserve maintaining interest rates at its upcoming July meeting, with a rate reduction expected in September.

Growth of Politifi Tokens

Amidst this political discourse, politifi tokens have experienced substantial gains. The HARRIS token, with a market capitalization approaching $2.9 million, has surged by approximately 1350% in the past week. Andrew Kang, founder of Mechanism Capital, suggests that politifi tokens could potentially challenge popular cryptocurrencies such as Dogecoin and Shiba Inu.

The full report covers additional topics, including emerging altcoins, the DeFi ecosystem, and the NFT market downturn. It also addresses six key questions regarding the potential impact of Trump's re-election on Bitcoin's price and other industry developments.