Victory

Bitcoin

Strong

Spot

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-prices-surge-following-trumps-victory-in-u-s-elections/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Prices Surge Following Trump’s Victory in U.S. Elections</a> 
Bitcoin experienced a significant 37.3% increase in value following Donald Trump’s victory in the U.S. presidential elections in November. This surge sparked renewed excitement in the <a href="https://en.coin-turk.com/bitcoin-chases-new-peaks-as-ethereum-shows-bullish-signs/" data-wpel-link="internal" rel="noopener noreferrer nofollow"></a><a href="https://en.coin-turk.com/uk-parliament-officially-recognizes-bitcoin-and-digital-assets-as-personal-property/" data-wpel-link="internal" rel="noopener noreferrer nofollow">cryptocurrency</a> market. Historical data suggests that Bitcoin could gain an additional 46% in December, potentially reaching $141,000 by the end of the year.
<h2 style="text-align: justify" id="strong-strong-post-election-uptrend-for-bitcoin-strong">Strong Post-Election Uptrend for Bitcoin</h2>
Data from the <a href="https://en.coin-turk.com/tokenization-to-dominate-the-crypto-sector-in-2024/" data-wpel-link="internal" rel="noopener noreferrer nofollow">blockchain</a> analysis platform Spot On Chain highlights Bitcoin’s price performance during election periods. Historically, Bitcoin’s price has increased between 30% and 46% in December. Currently trading at $96,600, Bitcoin is projected to test the $115,000 mark by the end of December.
The rapid decline of Bitcoin reserves on exchanges stands out as a primary factor supporting this increase. According to data provided by 10x Research, long-term investors are opting to hold onto their Bitcoin, tightening supply and applying upward pressure on prices. Analyst Ben Armstrong noted that Bitcoin could reach the $100,000 level within the next 48 hours, stating, “This is the moment we anticipated. Bitcoin will hit $100,000. Make the most of this opportunity.”
<h2 style="text-align: justify" id="strong-supply-shock-on-exchanges-bitcoin-reserves-dwindle-strong">Supply Shock on Exchanges: Bitcoin Reserves Dwindle</h2>
Bitcoin analyst Willy Woo draws attention to the supply shock occurring on exchanges. He notes that while short-term investors are selling, new investors are creating demand. This situation is a significant factor that could drive up Bitcoin prices. “Look at the Bitcoin reserves on exchanges. We are experiencing a true supply shock,” he mentioned.
Furthermore, the entry of Bitcoin ETFs into the market has further boosted demand, contributing to a further reduction in Bitcoin supply. Analysts indicate that new investors entering the market during this period could support price increases.
As the year comes to a close, Bitcoin’s market continues to show volatility driven by rising demand and decreasing supply. This period is seen as an opportunity for long-term investors.
The post <a href="https://en.coin-turk.com/bitcoin-prices-surge-following-trumps-victory-in-u-s-elections/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Prices Surge Following Trump’s Victory in U.S. Elections</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal" rel="noopener noreferrer nofollow">COINTURK NEWS</a>.

Bitcoin Prices Surge Following Trump’s Victory in U.S. Elections

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