Trump’s victory was not widely anticipated, but he achieved it about a week ago. In polls and research, Kamala Harris consistently led with significant support. However, the results predicted by crypto forecasting platforms contradicted the polls, leading to Bitcoin (BTC) reaching unprecedented levels, as shown in the image below.
Bitcoin Surges to $87,000
Following Trump’s election win, the rapid acceleration of Bitcoin’s price occurred in just a few days. As BTC approaches the question of whether it can surpass $73,777, today it has reached as high as $87,300. Just hours ago, we discussed the potential testing of the $89,000 resistance within weeks, but if bulls maintain this pace, testing may occur within just hours, as depicted in the image below.
Typically, Bitcoin price increases resemble those during all-time high (ATH) periods, while also experiencing persistent long-term declines when searching for a bottom. We are experiencing the opposite movement during the current rise, with BTC climbing 30% from its low in just seven days. Even in a period of consolidation at these levels, impressive rallies for altcoins are expected.
Such rapid surges can lead to double-digit pullbacks and temporary corrections. However, since these are generally short-lived, concerns may be unwarranted. Keeping in mind potential corrections due to profit-taking will help traders minimize losses from unexpected market movements.
As Trump assumes office, factors like clear regulations and the Fed’s balance sheet inclusion of Bitcoin will underpin the ongoing rise.
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Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.