Donald Trump was last seen claiming victory for the US Presidential Elections 2024 – and rightly so, considering his electoral votes reached 267 with only 3 left to claim the chair. Congratulatory notes are pouring in already, and a lot of it is reflecting on the current dynamics of the crypto market. The flagship digital token, Bitcoin ($BTC), has not only crossed $70k but it even teased a high of above $75,000 for a few moments. Bitcoin tokens are next projected to surpass the mark of $80,000 by the end of November 2024.
Whales Accumulate Bitcoin
That’s not the only endpoint one sees on the horizon. Near-term projections show a bullish run for BTC with the next 30 days likely to mark an uptick of around 28.97% from the current value. That will take BTC to $96,406 amid the volatility of 4.52%.
Donald Trump winning the US Presidential election in 2024 is essentially a stage for him to prove his words which were earlier in support of the crypto sphere. His presence at Bitcoin Conference 2024 underlined his enthusiasm on top of announcing to acceptance of donations in crypto when he hosted an event for his NFT holders. Kamala Harris, on the other hand, only attempted to reach out to the community with a commitment to right the wrong.
Whale wallets have read the room and are on a spree to accumulate BTC. Per a report by LookOnChain, 11 fresh whale wallets have withdrawn 1,807 Bitcoin tokens from Binance in just one hour. That translates to a worth of $132 million.
A transfer from exchange platforms to wallets is a sign of retaining those holdings for the future. Thereby not selling any portion of that portfolio, which would have to be absorbed by the market to control the selling pressure.
For reference, BTC is now exchanging hands at $73,751.77, up by 7.17% in the last 24 hours and 16.77% in the last 30 days. Its 24-hour trading volume has surged by 133.52% with a market cap of more than $1.46 trillion. There is also a report about recursive borrowing wherein a whale has borrowed $27 million from Aave to buy 366.31 WBTC. That brings the average price to $73,708 in 2 hours. It only goes on to demonstrate the potential that the future of BTC holds now that Trump has a higher chance of coming back to power.
The movement of BTC in the last 24 hours on the price chart has been noteworthy. It started from $68.96k and is now closer to $75,000. The majority of the community sentiments are bullish for BTC. The Fear & Greed index holds 69 points with a 14-day RSI of 56.69.
An alternate scenario is that BTC will test crucial support levels before it rises once again. A comparison with the 50-day SMA of $65,124 highlights that it is trading with an uptrend and has a chance of being sold for investors to take profits home.
Also Read: Ripple CEO’s take on Growing Influence of Crypto Community
