Crypto analysts predict a super bullish phase for the industry, driven by global events and the US presidential election, boosting market growth.
Due to a confluence of noteworthy worldwide happenings, market analysts at the channel Our Crypto Talk are predicting an unprecedented, extremely bullish phase for the industry, which might lead to massive growth in the always-changing world of crypto assets. One of their most important is the use of cryptocurrency assets in the upcoming November 4th presidential election in the United States.
The cryptocurrency market is expected to grow significantly.
The station claims cryptocurrency is now so popular that it influences US presidential elections. This raises the question, “Do you have enough in your bag?” as new investors and holders are enthusiastic about the amount of traction the business is experiencing.
According to analysts, the market had seen a significant price increase over the past three weeks, with Ethereum witnessing a 25% pump before its spot exchange-traded Funds (ETFs) approval. This bullish trend is driven by several positive causes, such as former US President Donald Trump’s promotion of Bitcoin and other digital assets.
It’s important to note that Trump has recently publicly endorsed cryptocurrencies by taking these assets as campaign contributions. Since this is the first time a prominent government figure has publicly supported these assets, Trump’s action is a significant turning point in adopting them.
He has also pledged to create a safer regulatory environment for cryptocurrencies by excluding anti-crypto individuals like US Senator Elizabeth Warren to spur creativity in the nation. Since Trump is a well-known presidential contender, his involvement usually makes the market feel more legitimate.
The channel said that Trump’s support for cryptocurrency may be a ploy to attract younger enthusiasts. His campaign might receive more significant support from people who are solely interested in this one issue if it accepts donations made in digital money, which might significantly impact politics.
The program asserts that given the stark differences in positions held by US President Joe Biden and Donald Trump, the assets are becoming a major political problem. Given his views, it will be interesting to see how Biden reacts, as it might intensify this rally even further.
The growing importance of digital assets in politics may influence voter decisions and give the market more legitimacy.
Market Attitude Will Drive Exorbitant Prices
In our Crypto Talk, we also discussed the potential significant gains these events could bring about for digital currencies, especially Bitcoin. The channel claims that the Bitcoin chart has formed a cup and handle pattern, indicating that $116,000 may be a potential price goal.
Given that cryptocurrencies will be present in this year’s US presidential elections, this pattern points to a notable upward trend in the price of Bitcoin. It supports the bullish feeling that surrounds the sector.
Still, the dominance of Bitcoin is currently declining below significant resistance levels. Because of this, the channel believes that Altcoin will gain traction and see a spike in value in the next leg that is at least equal to that of Bitcoin.
