Today is the Day Bitcoin Wins Again

US election day is upon us, but a new Bitcoin all-time high also looms.

In the past 24 hours, Bitcoin has rallied, increasing over 5.5% from yesterday’s low. Why? It’s no secret that a Donald Trump victory is seen as bullish for Bitcoin, both in the short and long term. Over the past week, Bitcoin’s price has strongly correlated with Trump’s odds of winning the election.

When Trump’s odds were rising, reaching a 67% chance to win (Polymarket) and $1.53 (Sportsbet), Bitcoin approached its previous all-time high. However, over the last five days, Trump’s odds fell from 67% to 55%, with betting markets adjusting to $1.75, and Bitcoin responded by declining. We saw a low of $66.8k yesterday. Since then, Trump’s odds have increased to 61%, with odds of $1.57, and Bitcoin has climbed by over 5.5%, trading back above $70k. This election will likely dictate Bitcoin’s short-term direction until a winner is decided. Although Trump is currently the favorite, election results often fluctuate as states announce their counts, creating potential dips and buying opportunities. Contact your Stormrake Broker; we’re monitoring Bitcoin and the election closely and are ready to assist with your Bitcoin purchases.

The short-term outlook is simple: if Trump wins, Bitcoin could rally and reach new all-time highs. If Kamala Harris wins, Bitcoin might see a pullback (not a reversal), but all-time highs will still follow.

The long-term outlook is even clearer: Bitcoin is set to win regardless of the election result, with six-figure Bitcoin on the horizon in 2025.

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The information in this newsletter is general only. It should not be taken as constituting professional advice from the author - Stormrake PTY LTD.

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