Bitcoin Bolts To Record High On GOP Sweep; Analysts Eye $100k

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Cryptocurrency prices continued rallying Friday, with bitcoin hitting a new record high above $77,00 as the U.S. election registered a broad victory for Republicans. Ahead of the voting, analysts had generally expected the price of bitcoin to rally regardless of the election’s outcome.





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Bitcoin spiked Friday afternoon to a new record of $77,252 according to CoinMarketCap, continuing to notch new highs throughout the week. The move topped the cryptocurrency’s previous all-time high of  $73,798 from March 14.

“We continue to see plenty of support around crypto assets in 2024, including what promises to be a friendly incoming U.S. administration, whoever it might be,” Joel Kruger, market strategist at LMAX Group wrote to IBD. “Indeed, Trump has been decidedly more crypto-friendly. At the same time, this has forced the hand of the Harris campaign to take on its own crypto-friendly policies, all of which have been supportive in the lead up to the November election.”

Kruger early Tuesday had noted a lot of the uncertainty in the global markets centered around U.S. election risk. But he did not expect much downside impact, other than short-term volatility, in the immediate aftermath.

“We believe the most important takeaway with respect to the election is what we’ve already learned over the past several weeks — namely, the fact that both parties have recognized the important innovation in the space, while showing a clear willingness to support the emerging industry and asset class,” Kruger added.

Meanwhile, Kruger and LMAX forecast a “stellar” Q4 performance from bitcoin following a solid start to the year, setting the stage for a record high. Kruger points to $100,000 as the next major milestone, potentially before the year is out.

Elsewhere, Bernstein predicts bitcoin could hit $200,000 in 2025, also regardless of the outcome of Tuesday’s election. A lack of U.S. fiscal discipline, record debt levels and monetary expansion have driven up demand for hard assets, analysts wrote in a research note obtained by The Block. The success of spot bitcoin ETFs further accelerated the trend with enough headroom for growth, Bernstein wrote.

The crypto markets haven’t yet priced in a victory for either candidate, Bernstein analysts assess. They expect bitcoin could reach $80,000 to $90,000 by Inauguration Day on Jan. 20 in the case of a Trump win. A Harris victory could prompt a drop to $50,000 over that period before recovering, according to the firm.

“We think once there is a clear winner, bitcoin will rally strongly,” Matthew Sigel, head of digital assets research at VanEck, wrote to IBD, noting that occurred 4 years ago. However, Sigel believes that ethereum, solana and other alternative cryptocurrencies may require a Trump victory to outperform.

Bitcoin Election History

James Van Straten, a senior analyst at CoinDesk, noted that the U.S. election has been a catalyst for bitcoin price surges, but those returns are diminishing. The price of bitcoin rocketed about 12,000% between Nov. 5, 2012 and November 2013. Following the 2016 election, bitcoin appreciated about 3,600% by December 2017. Bitcoin rallied 478% in the 12 months following the 2020 election.

Extending the prior trends implies a postelection rally of about 47.8%. That puts bitcoin around $103, 500 in Q4 of 2025, Van Straten wrote.

Bitcoin Price, Crypto Action

Bitcoin on Friday rallied as high as $77,525. BTC had touched a low for the week of just above $67,000 on Monday.

The world’s largest cryptocurrency has soared 82% so far this year.

Ethereum peaked at $2,983 on Friday, surpassing its Oct. 20 high near $2,750. Ethereum climbed about 28% in 2024 after reaching a 52-week high of $4,090 in March.

Coinbase (COIN) stock vaulted about 48% on the week, which include a strong rebound off its 50-day line. Shares of the crypto exchange tumbled almost 11% last week after Coinbase missed Q3 earnings views.

Spot bitcoin ETFs and bitcoin miners also saw strong strong post-election gains.

Bitcoin miners Marathon Digital (MARA), Iren (IREN), Hut 8 (HUT), Core Scientific (CORZ), Bit Digital (BTBT) and CleanSpark (CLSK) rocketed during the week, with gains ranging from about 20% to 31%.

Spot bitcoin ETFs rallied around 11% throughout the week as crypto prices jumped.

Payment Stocks Jump

Meanwhile, related payment stocks saw strong gains Wednesday following election results.

Block (SQ) popped 6.8% Wednesday to clear a 75 buy point for a cup-with-handle base.

PayPal (PYPL) swung 2.8% higher,  moving above its 21-day exponential moving average as it continues to rebound off its 50-day line.

Card giants Visa (V) and Mastercard (MA) surged as well. Visa shares rallied 4.8% Wednesday to jump above a buy zone for a cup-with-handle base. MA stock advanced 3% to extend out of its cup base buy zone.

You can follow Harrison Miller for more stock news and updates on X/Twitter @IBD_Harrison

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