Donald Trump Announces Victory: Bitcoin?

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Donald Trump made a big announcement and declared victory as the US presidential election was in full swing. While Trump’s announcement caused great controversy, it was also a matter of curiosity how it would affect the Bitcoin (BTC) and crypto money market. What developments are on the horizon for the Bitcoin price as the vote count continues in some major states?

With the markets turning to the US presidential election, Donald Trump gave an assertive speech and declared victory. Trump, who has been President of the United States since 2016, has claimed the right to hold this post for another four years. In his speech to the public, Trump said, “We want the vote to end… We disgrace our country… We were preparing to win the election and frankly; and we won ”he said. BTC / USD fell to $ 13,500 after these statements.

Even though Donald Trump made such an ambitious statement, people are reminding that the election is still not finalized. It is known that the counting of votes in the major states continues, in addition to this, postal votes will continue to be counted in the coming days. In addition, hours after Donald Trump declared victory, he posted another tweet saying “I miraculously started losing the states where I was ahead one by one” and touched on the interestingness of his falling behind in some states ”.

What can be said for the bitcoin price in the short term?

It was a great curiosity how the US presidential election would affect the markets of Bitcoin, gold, shares and foreign exchange. Bitcoin analysts started making predictions about what to expect investors in the short term, as Trump declared victory.

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Michael van de Poppe said that for Bitcoin, the range of $ 13,700 – $ 14,200 is the resistance zone, and that Bitcoin can go up to $ 20,000 if it exceeds this zone. But the analyst added that it is very difficult to cross this region at this stage, and even that Bitcoin is unlikely to cross this area in one attempt. That’s why the analyst explained that a correction could be seen in the short term. However, he reminded that the weekly and monthly charts are bullish in the long run.

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A different analyst named TimelessBeing also warned investors of a sudden drop in the market. This analyst explained that the average amount of Bitcoin entering the stock market has now risen to dangerous levels. This could result in a correction similar to the one Michael warned.

What can be said about the Bitcoin price in the long run?

It can be said that people continue to be bullish in the long term, even with a drop warning for Bitcoin in the short term. Although there are many different data that can be presented for this, people emphasize that the Bitcoin price starts to rise especially after the presidential elections are over. Ryan Watkins, from the crypto money research firm Messari team, drew attention to the performance of the Bitcoin price after the presidential elections with a chart he shared.


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