Bitcoin ready to jump to $80k thanks to Trump and Federal Reserve

Just as Bitcoin soars above $70,000 for the first time since June of this year, the crypto market is ready for a new boost and a possible jump to a new record. Uptober is well underway, with a gain of more than 14% for the largest digital coin this month already.

The quarterly results of major Bitcoin stocks such as Coinbase and Microstrategy today could also attract new investors to the crypto market. Lastly, the crypto market is hopeful as it is counting down to the presidential election on November 5 and a decision by the Federal Reserve on November 7. It seems like all the lights are turning green.

Gensler

The 5 November US presidential election could come with a new record for Bitcoin, especially now that crypto investors are convinced that Donald Trump will be re-elected as president.

At the end of July, Trump promised that he would establish a strategic Bitcoin reserve in the United States and that he would fire SEC Chairman Gary Gensler, who has filed lawsuits against Binance and Coinbase in recent years.

Kamala Harris also expressed her support for crypto during her election campaign.

“The market is anticipating that the future administration, whether led by Trump or Harris, might adopt a friendlier stance toward the cryptocurrency sector,” Bitget Research chief analyst Ryan Lee said on Tuesday. “Both candidates have expressed a commitment to providing clearer regulatory frameworks for digital assets, and Trump, in particular, has actively sought support from the crypto community. This political context has further boosted positive market sentiment, adding to Bitcoin’s momentum.”

It is indeed clear that crypto fans are counting on a Donald Trump victory to justify a jump to $80,000 for Bitcoin. There is also hope that the Federal Reserve will further cut long-term interest rates on November 7. If that also happens, Bitcoin could end the year 2024 at a very high price indeed.