Bitcoin is poised to benefit from the “Trump trade” ahead of the November elections, according to analysts.
BTC is expected to rise over the next 105 days, along with some stocks, on expectations that Donald Trump will win, ZeroCap claimed in today’s cryptocurrency market report.
“The Trump Trade has become a significant catalyst for a move higher from here, with investors remaining long in energy, banks and Bitcoin,” ZeroCap analysts said.
The ZeroCap report suggests that the possibility of Donald Trump returning to the White House is bolstered by incumbent US President Joe Biden’s announcement that he is withdrawing from the election. Biden has backed Vice President Kamala Harris as his successor, but Harris is reportedly less popular than Biden in opinion polls.
Analysts noted that these developments within the Democratic Party raise the possibility of a pro-crypto government in November. “Trump said he would release Silk Road founder Ross Ulbricht, who was sentenced to two life sentences, and stated that he wanted to enable innovation in the crypto space through looser regulations,” the report said.
*This is not investment advice.
