Why is the Bitcoin price Up today?

Amid rising possibilities of Trump changing into the following US president, Bitcoin has crossed the $74,700 mark. Because it will get nearer to $75,000, the value is buying and selling at an all-time excessive.

Will Bitcoin attain the $80,000 milestone right now if Donald Trump formally wins the US presidential election? Coinpedia’s newest BTC value evaluation, with a give attention to the US elections, will reveal the following potential value targets for Bitcoin!

Trump on his option to victory

With Donald Trump main the US elections with 230 seats in comparison with Kamala Harris’ 187 seats, the Republican Celebration is transferring nearer to victory. At present, on the time of writing, Trump has 51.7% of voters behind him, rising his possibilities of changing into the following US president.

Furthermore, Trump leads in a lot of the key swing states that decide the US presidential elections. Concerning the Polymarktthe possibilities of Donald Trump changing into the following US president have elevated considerably, reaching 94.6%. Betting quantity is approaching $1.5 billion, whereas Kamala Harris odds are down practically 5%.

Crypto market evaluation

Amid such elevated bullish affect, Bitcoin’s dominance is inching nearer to 60%. In the meantime, altcoins have posted virtually double-digit good points. Among the many high performers, Solana is up practically 17%, upending Binance to turn out to be the fourth largest cryptocurrency. It has reached a market cap of $88 billion and is at the moment buying and selling at $186.

High performers embody Goat, which jumped 46% in 24 hours, adopted by Dogecoin and Uniswap, which jumped 30% and 23.6% respectively. Dogecoin has reached a market cap of $30 billion and is at the moment buying and selling at $0.2104, which is nearer to a brand new 52-week excessive.

BTC Value Evaluation

Coming again to Bitcoin, the BTC value chart reveals an enormous bullish engulfing candle because the post-retest reversal good points energy. Within the final 24 hours, it has risen 9.28% and reached a market cap slightly below the $1.5 trillion market cap.

Trading view

The previous two candles are accountable for a ten.86% value improve and have surpassed the 100% Fibonacci stage, bringing them nearer to the 1.272 Fibonacci stage at $79,000. This may very well be a possible goal by the tip of the day. The MACD indicator has delivered a bullish crossover, which helps the bullish development.

Questioning if Bitcoin will attain $100,000 in 2024? Discover a technical and logical reply in Coinpedia’s BTC value prediction and subscribe to the newest crypto updates!