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<ul> 
 <li aria-level="1">Inflation Adjustments Show Bitcoin’s True Historical Peak at $77,975, Considering 13% CPI Increase Since November 2021.</li> 
 <li aria-level="1">Donald Trump’s Election Victory Spurs Bitcoin to Surpass $73,700 All-Time High, Reaching New Nominal Peaks.</li> 
</ul> 
Following Donald Trump’s victory in the U.S. elections, Bitcoin (BTC) saw a significant price surge, surpassing its previous all-time high (ATH) of $73,700 set in March 2024. This boost reflects market reactions to political changes and underscores the impact of monetary policy on cryptocurrency values. 
Globally, the U.S. dollar remains a monetary benchmark, although it experiences depreciation over time due to monetary policy and actions by the Federal Reserve (Fed).&nbsp; 
Consequently, to understand Bitcoin’s real price accurately, it’s essential to adjust the ATH for inflation. This adjustment allows for a clearer perspective on the actual economic impact on the crypto currency’s value. 
Bitcoin’s price reached $69,000 in November 2021, a record that was later surpassed by March 2024’s $73,700 mark. However, adjusting for inflation, the true historical peak is approximately $77,975, as per Fxtop’s calculations.&nbsp; 
This is due to a 13% increase in the U.S. Consumer Price Index (CPI) from November 2021 to March 2024. This calculation demonstrates how the dollar’s depreciation affects the real price of digital assets like Bitcoin. 
As <a href="https://www.ethnews.com/analysts-predict-bitcoin-could-reach-200000-in-this-cycle-and-possibly-1-million-by-2033-based-on-election-outcomes/">reported by ETHNews</a>, as early election results began to favor Donald Trump, Bitcoin’s price hit a new nominal ATH, breaking past $75,000. However, considering its inflation-adjusted value in dollars, Bitcoin has not yet reached its true ATH. 
At the time of writing, Bitcoin’s price stands at $75,540, which is just 3% shy of its inflation-adjusted ATH. Analysts at financial firm Bernstein have projected that the digital currency could climb as high as $90,000 following <a href="https://www.ethnews.com/donald-trumps-2024-campaign-focuses-on-u-s-dominance-in-bitcoin-mining/">Trump’s victory</a> over Kamala Harris (Democratic Party). 
Norberto Giudice, known as “Cryptonorber” and a prominent Argentine influencer, suggested in an interview at LABITCONF 2024: 
<blockquote>
 “If Trump wins and the Fed cuts the interest rate by a quarter point on November 7, we might be on the brink of a super cycle that could push Bitcoin close to $200,000.”
</blockquote> 
Standard Chartered’s latest report anticipated that if Republicans gained control of Congress, Bitcoin could reach $125,000 by the end of 2024.&nbsp; 
Following the <a href="https://www.ethnews.com/donald-trumps-crypto-fundraiser-gathers-momentum-at-bitcoin-conference/">recent election results</a>, the Senate will be Republican-controlled after four years, with 52 Republican senators to 42 Democrats, according to Associated Press. This political shift could further influence Bitcoin’s trajectory in the financial markets. 
<div class="cryptoboxes" id="mcw-12344" data-realtime="on">
 <div class="mcw-chart mcw-chart-light" data-font="inherit" data-chartcoin="BTC" data-chartcurrency="USD" data-chartrate="1.000268" data-charttype="chart" data-chartview="day" data-charttheme="light" data-chartsmooth="true" data-chartareacolor="" data-chartbgcolor=""></div>
</div> 
Bitcoin (BTC) is currently trading at $75,724, marking a strong increase of 9.13% for the day. Over the past week, it has gained 4.24%, and over the last month, it’s up by 20.66%, indicating robust bullish momentum. 
The trading volume in the past 24 hours is approximately $114.17 billion, reflecting significant market interest. Key resistance has now shifted towards $80,000, while support is seen around $73,000. 
<figure id="attachment_103806" aria-describedby="caption-attachment-103806" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-103806" src="https://www.ethnews.com/wp-content/uploads/2024/11/BTCUSDT_2024-11-06_16-33-16.png" alt="BTCUSDT_2024-11-06_16-33-16" width="1625" height="959">
 <figcaption id="caption-attachment-103806" class="wp-caption-text">
 Source: Tradingview
 </figcaption>
</figure> 
Technical indicators are strongly bullish, with recent momentum suggesting that a break above the all-time high could lead to further gains. However, caution is advised as the sharp rise could prompt short-term corrections. 
The post <a href="https://www.ethnews.com/analysts-predict-bitcoin-could-reach-90000-following-trumps-victory-market-shows-strong-response-to-political-events/">Analysts Predict Bitcoin Could Reach $90,000 Following Trump’s Victory; Market Shows Strong Response to Political Events</a> appeared first on <a href="https://www.ethnews.com">ETHNews</a>.

Analysts Predict Bitcoin Could Reach $90,000 Following Trump’s Victory; Market Shows Strong Response to Political Events

ETHNews

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