With less than a day to go until the US presidential elections, the cryptocurrency market is showing a negative trend. While Bitcoin is trading above $68,000, altcoins are trying to recover from their weekly losses with minimal gains. The uncertain environment created by the elections continues to increase price volatility in cryptocurrencies. As pro-Trump sentiments rise in the crypto industry, there is debate about how cryptocurrencies will react if Harris wins.

How will the cryptocurrency market react if Kamala Harris wins?

According to many market analysts and crypto experts, the victory of Trump and Harris will not be an obstacle to the rise of Bitcoin. However, looking at the current election process, the data from prediction sites show that the probability of Trump winning is decreasing due to his crypto-friendly statements. According to Polymarket data, the probability of Trump winning is over 60%. State data in the United States shows that Harris is leading.

It is believed that if Harris wins, the policies of the Biden era will continue and Harris will not make direct policies to support the crypto sector. However, the real concern arises from the increasing speculation that regulatory developments will intensify.

During the Biden administration, a series of legal processes were initiated against the crypto ecosystem, followed by strict sanctions. Although Harris announced last month that she would support developments in blockchain and artificial intelligence, she did not provide explicit support for the crypto ecosystem. Therefore, it is believed that if Kamala Harris is elected, she will continue to maintain a strict attitude towards cryptocurrencies.

Can legal regulations take time?

According to the 10X Research November 4th update, the price of Bitcoin will not be significantly affected by the US presidential elections because no president can directly influence the price of Bitcoin. However, if Kamala and Trump are elected, the appointment of a new SEC chairman will have a significant impact on the approval of crypto ETFs, such as XRP and Solana.

The report explained that presidents will not have an impact on the price of Bitcoin, but what really matters is who introduces and trades BTC. In addition, the report expects institutional adoption to gain momentum. Following the Fed interest rate decision planned to be announced this week, a rate cut is expected, and it is shared that institutional interest will rise with the continuation of asset purchases.

Bitcoin price predictions after the election

Analysis firms, on the other hand, predict that Bitcoin could drop by 10 percent in the event of Harris's victory. A similar view came from analyst Markus Thielen of 10X Research, expecting a 9 percent pullback in the event of Harris's victory. He stated that in the event of Trump's victory, a short-term 5 percent increase is expected.

There are also predictions that it may make a new bottom before the new Bitcoin bull cycle in 2025. Among the end-of-year predictions, economist Alex Krüger shared that if Harris wins, the price of BTC will drop to $65,000, but this drop will be short-lived. After this bottom level, Bitcoin will rise again.

The on-chain analysis firm Stop On Chain stated that it would not change its long and medium-term election result forecasts:

“The market is entering its most volatile week with the US elections and the FOMC meeting, but this rally may be sustainable. Historically, the real bull run starts after the election, and we believe that BTC will continue its upward journey regardless of whether Trump or Harris becomes the next president, and we believe it has the potential to reach 100K this year.”

Source: Stop On Chain – XB However, analyst Miles Deutscher thinks that the election results could cause short-term volatility. The analyst, who explains that there could be an increase in the BTC price at the moment, believes that the upward momentum will weaken after the Harris victory.

Finally, a volatile week is expected for the cryptocurrency market during the election week. It is believed that the crypto market, including the financial markets, will follow a volatile course regardless of the political landscape. Finally, the price of Bitcoin is hovering around $68,890.

The information in the text is purely for informational purposes. It does not constitute any investment advice. Yazar and kriptoparahaber.com are not responsible for any profit or loss resulting from your investments. Ultimately, investment relies on various factors such as knowledge, experience, research, and personal decisions.

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