Bitcoin is approaching the $77,000 threshold, largely fueled by renewed bullish sentiment following Donald Trump’s election win, which raised expectations for more favorable economic policies in the U.S. Trump
On November 8, just two days after Trump’s victory was announced, Bitcoin’s price nearly surpassed $77,000, reaching $76,018. This spike reflects a growing appetite among investors for riskier assets.
A research note from QCP Capital on November 8 suggested that optimism surrounding a Republican presidential win could push Bitcoin past the $77,000 mark. They noted, “Yesterday saw unprecedented net inflows of $1.38 billion into BTC spot ETFs, combined with optimism stemming from Trump’s win and expectations of a 25 basis point Fed rate cut, which drove BTC close to $77,000 early this morning.” Bitcoin reached an all-time high of $76,999 at 8:15 PM UTC on November 7, according to Cointelegraph data. Bitcoin Trump
Historically, continued inflows into spot Bitcoin ETFs could lead to new all-time highs for BTC, particularly following Bitcoin halving events, with projections suggesting that the post-halving bull market may persist through the third quarter of 2025.
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Ryan Lee, the chief analyst at Bitget Research, anticipates that Bitcoin will surpass the $100,000 mark before the end of 2024.
Additionally, Bitcoin may outperform other risk assets amid fears related to China’s tariffs. Trump’s proposed 60% tariff on Chinese imports could create a more favorable environment for Bitcoin compared to traditional equities, as explained in QCP’s research note: “With Trump’s proposed tariff increase and rising national debt concerns, we expect Bitcoin to carry less risk premium than equities, which could enable it to outperform other risk-on assets.” This new tariff proposal marks a significant rise from the 7.5% to 25% tariffs during his presidency. Trump
Following Trump’s election win, Bitcoin ETFs experienced record inflows, with over $1.37 billion reported in net inflows on November 7, according to Farside Investors data.
QCP Capital noted that this post-election enthusiasm could lead to even greater buying in spot and ETF markets, saying, “This ongoing bullish sentiment in BTC could create a feedback loop, where rising ETF inflows lead to increased BTC prices, further attracting retail investors and systematic fund purchases as volatility decreases.” Bitcoin Trump
An improved appetite for riskier assets may also boost Ether’s price, with analysts suggesting a potential breakout above $3,200 in the near term, driven by positive Ether ETF inflows.