Bitcoin (BTC) Price Movement is Boosting Investors' Confidence, with Several Analysts Predicting Higher Targets Should Donald Trump Win the Upcoming U.S. Presidential Election

The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind.

Bitcoin (BTC) is rallying once again after recovering from a notable pullback on Wednesday, reaching a new high against Solana (SOL) in the process. The world’s leading cryptocurrency dropped to as low as $65,000 mid-week before staging a rebound.

Bitcoin price movement boosting investors’ confidence

The flagship crypto surged by 5.81% to reach a high of $68,800 on Thursday. However, BTC retraced slightly and traded for $67,686 at the time of writing, according to TradingView’s data.

Bitcoin’s price movement is boosting investors’ confidence, with several analysts predicting higher targets for the cryptocurrency should Donald Trump win the upcoming U.S. presidential election. One such analyst is Bitwise executive Jeff Park, who expects a $92,000 target for Bitcoin if Trump wins the November 5 election.

Park maintained the prediction he made since the middle of August when he charted BTC’s price against Trump’s odds via Polymarket. According to the analyst, applying the merger arbitrage-style probability math led him to project a $92,000 Bitcoin target in the event of a Trump victory at the polls.

The Bitwise executive is only one of several top crypto personalities expecting a Trump victory to trigger Bitcoin’s rally. Bitcoin millionaire Eric Finman foresees Bitcoin rising to $100,000 if the election results favor Trump.

Finman believes Trump’s policies will ignite the crypto market and fuel massive growth. The former president promised to make the U.S. the world’s crypto capital if re-elected and would fire the unpopular SEC Chair, Gary Gensler, on his first day in office.

Although most analysts consider Trump the more pro-crypto candidate, some Kamala Harris supporters believe the U.S. elections, no matter the outcome, would trigger a Bitcoin rally. Mark Cuban, a renowned crypto personality supporting Harris, thinks the difference is that a Trump victory would trigger a faster Bitcoin rally. However, he believes the rally would be short-term, no matter who wins, with Bitcoin’s price dropping after a few weeks.

Bitcoin price analysis: SOL hits new high against ETH

In other crypto news, scalability-focused Solana (SOL) is taking the shine in the crypto market by registering an impressive performance. Solana hit a record high against Ethereum (ETH) after breaking a recently set high of 0.06438 ETH, which it set in August.

SOL’s rally against ETH has continued, with the altcoin trading for 0.06971 ETH at the time of writing, according to Binance’s data. SOL rallied by 1.16% against ETH on Thursday, reaching a high of 0.07072 before retracing slightly.

Solana began the week trading at 0.0598 ETH and reached a low of 0.05883 ETH on Tuesday. Despite the retrace from the new all-time high, SOL is up 18.17% against ETH over the past seven days.

The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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