After securing a thumping victory in the recently held U.S. presidential elections, Donald Trump is all set to take charge of the oval office on January 20 in 2025, a date that experts say could prove monumental for Bitcoin, which recently achieved an astounding all-time-high (ATH) of $76,600 right after Trump’s victory over Kamala Harris.
Bitcoin is currently valued at $81,225 according to data from CoinGecko and analysts are predicting BTC might touch $100,000 even before January 20 when Trump takes oath as the 47th president of United States of America. On December 17 2024, electors will meet to certify the election and elect Trump officially as the victor.
Trump has been vocal about the support for crypto community in U.S. and turning the nation into Bitcoin Mining capital of the world. Support from fellow Republican senators has also resulted in a great frenzy around BTC. This increased excitement and speculation are likely to amplify the positive turnout on. CNBC has also predicted that the price of bitcoin on this date might be around $100,000, which shows the confidence level and bullishness among buyers in the market.
The last two months of 2024 might prove to be monumental for Bitcoin as it sails ahead, riding on the bull run, with the post-election Trump victory frenzy. History has taught us that December 17 and January 20 have always impacted Bitcoin, and this time as well, the dates might have significant implications for its value and market dynamics.
History of December 17 and January 20 with Bitcoin
In 2017, Bitcoin witnessed unprecedented growth in the market. While BTC was ranked $891 on January 2017, on December 17 of that year, its price surged to its highest point ever, $19,783, when the incredible 2017 bull market acquired even more momentum. On certain exchanges, the price even briefly surpassed the $20,000 threshold.
However, the bubble burst at the start of 2018; therefore, the high price was sustained for only a brief period.
The rally during that period was due to some institutional activities, such as launching Bitcoin futures trading and increasing knowledge of cryptocurrency among the masses. The raised spirits and the optimism shown in Bitcoin fueled its price, and since then, December 17 has been accepted as a historic day for the crypto.
Elections are known to affect markets, including cryptocurrency markets. According to analysts and experts, the election’s winner could shape the price of Bitcoin, where relations with the regulatory system and market opinions are crucial.
Why is this year different?
Even before Trump was pronounced the victor of U.S. elections, the top cryptocurrency set a new high because early election results gave cryptocurrency speculators hope that he would win again.
Bitcoin was trading at roughly $74,428 on last Wednesday morning, a little below that peak. Bitcoin started the day at roughly $70,000, quickly increased to $72,000, and then peaked at around 10 p.m. on Tuesday. The rise demonstrated the renewed investor interest in Bitcoin in the face of increased political unpredictability and conjecture on future crypto regulatory policies.
Bitcoin has set a new record for the second time this year. The “crypto winter” that had kept prices low over the preceding months ended in March when the cryptocurrency hit a record high.
The whole cryptocurrency market has benefited from Bitcoin’s recent all-time high, which has led to significant rises in various digital assets. At $2,560, Ether, the second-largest cryptocurrency by market capitalisation, had increased by more than 6% over the previous day. Furthermore, there were notable increases in well-known meme coins: Dogecoin surged over 30%, and Shiba Inu rose over 12% during the same time frame.
Bitcoin Prediction For January 20, 2025
As institutional and regulatory expectations strengthen, the target of $100,000 on January 20, backed by CNBC’s forecast, is well within reach.
Bitcoin’s consistent upward movement and strong recovery after the beginning of this year’s ‘crypto winter’ suggests that the retail and institutional markets remain positive and confident.
If the regulatory environment around crypto continues to be favorable, January could be the record month for Bitcoin, thanks to the investor hype and the potential use cases coming from mass adoption. Other cryptocurrencies, including Ether and well-known meme coins, may also be lifted, fueled by Bitcoin’s strength.
Also Read: “Where Will Bitcoin Peak?” People Asked When BTC Was $290
