The price of bitcoin has skyrocketed to a new all-time high, driven by the bullish sentiment generated by the Donald Trump effect following the recently concluded US presidential elections. The last time Trump won the US election in 2016, bitcoin saw a similar bullish reaction, rising to new ATHs around that time.
The Trump effect on the price of bitcoin
Cryptoanalyst Mags has turned to x (formerly twitter) to<a target="_blank" href="https://x.com/thescalpingpro/status/1856600384489304189?s=46″ rel=”nofollow” target=”_blank”> discuss bitcoin's bullish reaction to Trump's recent presidential victory in the US elections. According to the analyst, the last time Trump won the presidential election in 2016, the price of bitcoin jumped 2,700% and peaked in just 400 days.
This historic race not only solidified bitcoin's stance in the mainstream market, but also highlighted the enormous influence that specific political changes have had on the value of a cryptocurrency. According to Mag analysis, Trump's return to the White House after winning the recent US presidential election could catalyze another bullish wave for bitcoin.
The pioneering cryptocurrency is already experiencing a massive price increase after Trump's victory. However, the analyst projects an even greater bullish outlook for bitcoin. Mags has revealed that if history repeats itself in this cycle, then bitcoin could peak around December 2025 or sometime in the fourth quarter of next year.
In 2026, The price of bitcoin It cost between 145 and 215 dollars. However, after his <a target="_blank" href="https://www.newsbtc.com/bitcoin-news/bitcoin-set-to-gain-if-trump-wins-jpmorgan-cites-debasement-trade-as-key-factor/amp/” rel=”nofollow noopener” target=”_blank”>Trump-induced rally In 2018, the cryptocurrency skyrocketed to $16,000. Unlike this historic 2,700% surge, Mags has projected a less excessive price rise for bitcoin this cycle.
The analyst predicts that if bitcoin experiences a modest 240% this cycle, the cryptocurrency could see its <a target="_blank" href="https://www.newsbtc.com/bitcoin-news/bitcoin-price-peak-200-days-us-recession-2025-report/amp/” rel=”nofollow noopener” target=”_blank”>price reaching a peak of around $250,000. Mags highlighted a couple <a target="_blank" href="https://www.newsbtc.com/bitcoin-news/bitcoin-price-forecast-trump-win-could-boost-btc-to-125000-standard-chartered/amp/” rel=”nofollow noopener” target=”_blank”>biggest price jump on its price chart, suggesting a possible rally towards the $420,000 mark.
Following the analyst's bullish prediction and the analysis of <a target="_blank" href="https://www.newsbtc.com/news/bitcoin/can-the-donald-trump-win-drive-bitcoin-price-to-170000-this-cycle/amp/” rel=”nofollow noopener” target=”_blank”>Future bitcoin Price MovementsMany members of the crypto community shared different perspectives. One member revealed that if bitcoin could see half the growth it experienced after Trump's 2016 victory, the <a target="_blank" href="https://www.newsbtc.com/news/bitcoin/bitcoin-price-320000-target/amp/” rel=”nofollow noopener” target=”_blank”>next maximum cryptocurrency price It would be “huge.” This would represent a 1,350% increase, raising the price of bitcoin to approximately $1,215,000 from its current value.
Another crypto member took a more realistic approach and revealed that a 2,400% rally for bitcoin was impossible at its current level. However, a price rise to $250,000 was a more plausible macroeconomic target for the cryptocurrency.
btc Hits High ATH Above $93,000
According to the market intelligence platform Santiment, the price of bitcoin has<a target="_blank" href="https://x.com/santimentfeed/status/1856792924618359018?s=46″ rel=”nofollow” target=”_blank”> finished off to a new ATH of around $93,490. This huge price increase has been attributed to the growing buzz on various social media platforms following Trump's victory in the concluded US presidential election.
Given how fast and strong <a target="_blank" href="https://www.newsbtc.com/bitcoin-news/bitcoin-data-reveals-bulls-are-growing-but-still-behind-march-2024-peak-details/amp/” rel=”nofollow noopener” target=”_blank”>bitcoin bullish momentum is growingSantiment has revealed that the most significant indicators point to future price rises above $100,000. At the time of writing, the price of bitcoin has fallen slightly to $89,763 after rising about 20% last week.
Featured image created with Dall.E, chart from Tradingview.com
