The outlook for Bitcoin sounds very optimistic. According to Michael Terpin, founder and CEO of Transform Ventures, the leading cryptocurrency could soar to $100,000 if Donald Trump wins the US presidential election.
Terpin believes that the bull market will continue along traditional four-year cycle lines, with solid gains expected in October and November. "If Trump wins the election, an influx of new buyers could push Bitcoin's price above $100,000. […] October and November have traditionally been strong months for Bitcoin, especially in the halving year and the one following it," he noted.
Favorable conditions in global stock markets could also contribute to a potential rally in BTC. "Now that the Bank of Japan has indicated that it will not raise interest rates further, and Jump Trading runs out of coins to sell, as recently happened in Germany, I don't see any reasons for Bitcoin's price to drop significantly below $50,000," the expert added.
Notably, Bitcoin briefly dipped below the $50,000 mark on August 5 before recovering and rising above $60,000 on August 9. As of now, the world’s largest cryptocurrency is trading around $60,700.
Earlier, analysts at cryptocurrency exchange Coinbase attributed the recent decline in Bitcoin to seasonal factors. According to them, the market of virtual assets experienced a downward trend typical for August.
