Confident Victory of Donald Trump in the U.S. Elections: Reaction of the Cryptocurrency Market (BTC & DOGE)
The victory of Donald Trump in the 2024 U.S. presidential election has significantly impacted the cryptocurrency market. In particular, Bitcoin (BTC) showed a substantial increase, reaching a historic high.
As previously reported, the 47th U.S. president has a more favorable stance on the development of digital currencies. Experts link this growth to investor expectations of pro-crypto policies under Trump. Analysts at Standard Chartered predict that the U.S. presidential election could push Bitcoin to $125,000 in the medium term.
Market Reaction The clear winners from Trump’s victory appear to be BTC and DOGE. BTC surged nearly 10 percent, reaching $76,000 during the day, while the meme coin Dogecoin, supported by Elon Musk, jumped by 17 percent.
At the end of October, BTCUSDT was testing the historical highs of March 2024 but struggled to hold above the key resistance level (see Fig. 1). Following Trump’s victory announcement, Bitcoin confidently broke through these historic highs, settling above $73,650. The next target level for BTC’s growth could be around $79,000 (based on the Fibonacci retracement from the previous impulse movement in August 2024).
From both fundamental and technical analysis perspectives, the BTCUSDT pair shows optimistic prospects for Q4 2024 and Q1 2025.
DOGEUSDT, on the other hand, remains far from its ATH levels of 2021 (see Fig. 2). However, market participants believe it could lead a growth rally in the coming quarters, as it has supporters like Elon Musk, who is part of the key team of the 47th U.S. president. With high probability, the next growth target for this “meme coin” could be $0.363 — the 1.61 Fibonacci extension from the previous 2024 impulse.
Will the bull rally in the cryptocurrency market continue, or will Trump’s victory alone be insufficient to sustain a strong upward trend in the crypto market?
