Bitcoin Set for Post-Election Surge as US Debt Woes Fuel Bullish Outlook
🚀 Stay Ahead with AltcoinDaily.co! 🌐 With Bitcoin currently trading at $64,400, down 2% in the last 24 hours, many experts remain optimistic about its future performance. Between political uncertainty,...
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With Bitcoin currently trading at $64,400, down 2% in the last 24 hours, many experts remain optimistic about its future performance. Between political uncertainty, halving events, and increased liquidity, Bitcoin may be gearing up for a major rally in the final quarter of 2024.
According to CK Zheng, chief investment officer of ZX Squared Capital, Bitcoin’s price is likely to benefit regardless of who wins the upcoming United States presidential election. Speaking in an interview, Zheng pointed out that both Republican and Democratic parties have failed to address rising U.S. debts and deficits, a factor he believes will work in Bitcoin’s favor, especially after the election.
Bitcoin Poised for Gains Post-Election
Bitcoin has historically seen gains during periods of political uncertainty, and the 2024 election may follow this pattern. CoinGlass data shows that Bitcoin has rallied by over 50% in six fourth quarters since 2013, with halving events boosting those gains even further.
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Notably, in Q4 2020—following the last halving—Bitcoin surged by 168%. Zheng expects a similar pattern in Q4 2024, potentially pushing Bitcoin to new all-time highs.
Influence of Other Factors
Zheng emphasized that Bitcoin’s latest halving event in April, along with rising liquidity, could further fuel price movements in the months ahead. He noted that the Federal Reserve’s potential 50 basis point interest rate cut could also positively impact Bitcoin, especially if the U.S. economy achieves a soft landing. In this scenario, Bitcoin’s price is likely to correlate closely with the NASDAQ, indicating broader market confidence in risk-on assets.
Samantha Yap, CEO of YAP, added that the surge in retail interest following Bitcoin rallies often triggers a wave of media attention. However, Yap argued that the real focus should be on the increasing adoption of Web3 applications, which could drive broader industry growth.
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A Growing Digital Gold Narrative
As traditional markets remain volatile, Bitcoin’s narrative as “digital gold” continues to gain momentum. Leo Fan, co-founder of Cysic, believes this narrative will attract more institutional investors, particularly those looking for a hedge against macroeconomic instability.
Fan noted that liquidity is gradually returning to the market, setting the stage for stronger Bitcoin price movements in the near future.
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