Trump's first term saw a big pump of 1900%! Analysts reveal historical patterns: Bitcoin will soar past 1 million.

During Trump's first term as President of the United States (November 2016 to November 2020), BTC surged by over 1,900%. Despite his critical stance on cryptocurrency at the time, he still achieved this feat. In his famous post in 2019, he referred to BTC as 'highly volatile' and claimed its value was 'baseless'.

Source: TradingViewBTC/USD daily price chart

However, given Trump's promise to make the United States a "Bitcoin superpower" and to relax regulations to promote the development of the Cryptocurrency industry, Trump's second term seems to be more favorable to the Cryptocurrency industry.

Trump announced his victory on November 6th, which has helped push BTC to a new high of around $76,400. Top analysts such as Georgii Verbitskii, the founder of TYMIO Yield, predict that the price of BTC will surpass $100,000 in the coming months.

By 2028, can the price of BTC break through 1 million US dollars?

If the price of BTC rises by 1,900% from now, the value of each BTC will exceed 1.5 million dollars.

This will make BTC a 28.5 trillion dollar asset class, almost 8 times the Market Cap of the world's largest company Nvidia, and 1.6 times the Market Cap of gold.

Image source: TradingViewBTC/USD weekly price chart

Obviously, $1 million per BTC is a lofty goal, but over the years, well-known analysts in TradFi and the cryptocurrency industry have been predicting this price.

ARK Invest CEO Cathie Wood previously predicted that by 2030, the price of BTC will surpass $1 million, and pointed out that major investment banks such as Morgan Stanley, Merrill Lynch, and Bank of America may enter the BTC industry.

Henry Arslanian, co-founder of Nine Blocks Capital Management based in Dubai, reiterated a similar view in a November 6th post, pointing out that Trump's victory will further attract institutional participants into the encryption industry in the United States, from asset management companies to family offices.

Image source: Henri Arslanian

The price target range for BTC after the election is from $100,000 to $250,000

Most analysts predict that after Trump's victory, the Bitcoin market will rise sharply.

According to the cryptocurrency research firm 10x Research, the price of BTC may rise to $100,000 by January 2025, and noted that "When BTC sets a new six-month high as it did recently, it usually achieves a median return of 40% in the next 3 months."

Meanwhile, independent market analyst Maggs believes that BTC will approach $250,000 within the next 12 months, as the price of BTC had a significant increase after the US election.

Image source: Mags BTC/USD price performance after the U.S. election

He argued:

"After the 2016 election, the price of Bitcoin rose by 2747%. After the 2020 election, the price of Bitcoin rose by 360%. In 2024, the president supports Bitcoin. Even a 240% increase means each Bitcoin is worth 2.5 million US dollars."

[Disclaimer] There are risks in the market, and investment should be cautious. This article does not constitute investment advice. Users should consider whether any opinions, perspectives, or conclusions in this article are applicable to their specific situation. Invest at your own risk.

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Original author: Yashu Gola, Cointelegrap