Will a Trump Win Ignite Bitcoin's Next God Candle?

Bitcoin is enjoying a pre-election rally, with many anticipating BTC to experience some wild swings amid the upcoming decision.

Bitcoin is rallying once again into the U.S. election, and many are speculating a Trump victory will send bitcoin to new heights. This sentiment follows Trump’s recent pledge to make crypto prosper in America, an outlook that wasn’t present during his first term.

Moreover, Trump’s recent pardons and crypto-friendly statements have instilled a belief among traders that a Trump win will be bullish for BTC. On the other hand, Harris’s outlook on crypto remains unclear, and her role as Vice President under Biden could lead to a different outcome.

Over the past few years, the Biden administration hasn’t been crypto-friendly, and many assume Harris would continue down that path if elected.

However, Harris’s supporters believe she could usher in a new approach, as she’s made several commitments to be more crypto-friendly. But it’s not just chatter on Twitter predicting a Trump-driven bitcoin boost.

Last month, Standard and Chartered projected that a Trump win could propel BTC to $125,000, whereas a Harris win might land it closer to $75,000. Bernstein, a well-known brokerage and research firm, also weighed in.

In September, Bernstein suggested that a Trump victory could push BTC to $90K, while a Harris win might bring it down to $30K. With such high stakes and crypto playing a key role in the 2024 election, BTC might experience one of its most dramatic daily price swings yet.

This could potentially lead to a “God candle,” a massive candlestick on the daily chart that dwarfs all surrounding price action.

If Trump wins, with confidence running high and financial institutions betting on his pro-crypto stance, a huge green God candle could emerge simply through the power of market sentiment.

Bitcoin has seen some memorable daily candles over the years, and crypto publication Protos does an excellent job covering these significant moments.

The biggest God candle to date occurred on April 10, 2013, when bitcoin’s price soared from just under $20 to $290—a staggering 115% rise in a single day. More recently, the most memorable surge occurred when Elon Musk’s Tesla invested in BTC, sparking a 22.4% jump on Feb. 8, 2021.

A Trump victory might not hit the 2013 record, but it could land somewhere between the Tesla surge and that historic peak. A God candle signifies a strong, definitive move in one direction.

However, a Harris win could trigger a significant drop in BTC from the highs reached just 16 days prior. The value might climb higher leading up to the election, only to tumble if Harris takes the win.

Of course, much of this is speculative, even when the projections come from financial heavyweights like Standard and Chartered or Bernstein. The election outcome could turn out to be a non-event for BTC, resulting in only modest price movements. Yet, with the prevailing sentiment, it seems more likely that volatility is brewing, perhaps leading to a God candle.

What do you think the election decision will bring to crypto markets? Do you expect it to be volatile or a nothing burger? Share your thoughts and opinions about this subject in the comments section below.

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