During Trump's first term, BTC soared 1900%! Can BTC surge to $1 million this time?

The result of the U.S. presidential election is out, and Donald Trump, the Republican presidential candidate, has secured his ticket to the White House. According to historical data, BTC rose 1,900% during Trump's first term. With Trump entering his second term, will the price of BTC reach $1 million? (Summary: The rise of BTC during Trump's first term, BTCSpot ETF daily volume breaking a new record of $6 billion, token market cap soaring to $200 billion) (Background: Review of Trump's 'Full Support for Cryptocurrency' Favourable Information: BTC strategic reserve, removal of SEC chairman, no CBDC issuance...) Donald Trump, the Republican presidential candidate, declared victory on the 6th. Due to his support for cryptocurrency, BTC reached a new all-time high, and the overall cryptocurrency market cap increased by more than $20 billion in a single day. The total volume of all BTCSpot ETFs reached $6 billion on Wednesday, reaching a new high in three months. During this year's election, Trump expressed support for BTC multiple times, including announcing that BTC will be used as a strategic reserve asset, not selling BTC owned by the U.S. government, considering using BTC to pay off $35 trillion in national debt, and firing SEC chairman Gary Gensler, who has long suppressed cryptocurrency, and appointing TSL CEO Musk to lead the Government Efficiency Committee, who supports cryptocurrency. How high will BTC rise under Trump's rule? What all investors are following is how high BTC will rise with Trump returning to the White House. From historical data, BTC rose over 1,900% during Trump's first term from November 2016 to November 2020, even though Trump had a critical attitude towards cryptocurrency at that time. He even tweeted in 2019 that BTC has 'extreme volatility' and its value is 'based on thin air.' Since Trump promised to make the United States a 'BTC superpower' and promote the development of the cryptocurrency industry by relaxing regulations, his second term will undoubtedly be more favorable to the cryptocurrency industry. Georgii Verbitskii, a well-known analyst and founder of TYMIO Yield, predicts that the price of BTC will surpass $100,000 in the coming months. If the price of BTC rises 1,900% again during Trump's second term, it will exceed $1.5 million, becoming an asset with a market cap of $28.5 trillion, almost eight times the size of Nvidia, the largest company by market cap, and 1.6 times the market cap of gold. Obviously, reaching $1 million for BTC is a distant goal, but over the years, this target price has been predicted by well-known analysts in the TradFi and cryptocurrency fields. Cathie Wood, CEO of Ark Invest, predicted earlier this year that BTC will surpass $1 million by 2030, or even higher. She also believes that major investment banks such as Morgan Stanley, Merrill Lynch, and Bank of America are likely to enter the BTC market. Henry Arslanian, Co-founder of Nine Blocks Capital Management in Dubai, made a similar prediction on the 6th, stating that Trump's victory would further attract institutional players to the U.S. cryptocurrency industry, including asset management companies and family offices. What is the impact of Trump's win on the #Bitcoin and #Cryptocurrency markets? 3 things to watch: - change of US regulatory stance - further entry of institutional investors - wave of M&A in the space pic.twitter.com/9rJAJNO6h9 - Henri Arslanian (@HenriArslanian) November 6, 2024 What is the target price of BTC after the election? In any case, most analysts predict that BTC will rise significantly after Trump's election. Cryptocurrency research firm 10x Research predicted at the end of last month that the price of BTC could rise to $100,000 by January 2025. It is said that when BTC reaches a new six-month high within six months, the average return rate for the next three months is usually 40%. Based on this estimation, by January 27, 2025, the price of BTC will rise 40% from $73,000, surpassing $101,000. Independent market analyst Mags believes that BTC rose 2,747% after the 2016 election, 360% after the 2020 election, and with a BTC-supporting U.S. president after the 2024 election, even if it only rises 240%, it means that BTC will reach $250,000. Standard Chartered Bank released a report analyzing that $75,000 is just the beginning, and BTC will reach a new high of $125,000 by the end of this year and surpass $200,000 by the end of next year. Trump's multiple cryptocurrency commitments, including the dismissal of Gary Gensler, including BTC in the national strategic reserve, and making the U.S. a BTC superpower, will all drive this rise. Related reports: BTC breaks $76,400 to reach a new high! Ethereum exceeds $2,800, Trump's victory boosts U.S. stocks Trump's victory is a big positive! Dow futures surge over 1,100 points, TSL pre-market pump over 12% Polymarket accurate prediction! Trump's election probability leads, presidential election betting breaks $3.6 billion 'Trump's first term: BTC soared 1,900%! Can BTC reach $1 million this time?' This article was first published on BlockTempo.