Bitcoin Sell-Off Expected If Donald Trump Wins 2024 US Presidential Election: Warning to Peter Schiff

By Crypto Gloom On Oct 23, 2024

The cryptocurrency market, led by Bitcoin (BTC), is gradually gaining momentum ahead of the US general election on November 5, 2024. The ongoing mainstream adoption of digital assets by retail traders and institutional investors in the United States has confounded the political landscape recently.

Moreover, more than 50 million US voters are investing in the cryptocurrency market, and this trend is expected to continue in the future. As a result, it is safe to assume that the next POTUS will be largely determined by policy inclinations toward the cryptocurrency space.

Peter Schiff predicts Bitcoin dump if Trump wins.

that #erase The transaction is still in progress #Bitcoin It is the only Trump asset that is not rallying. It is widely believed that Trump’s victory will have a positive impact on Bitcoin. So why isn’t Bitcoin rising with the betting odds for Trump? Maybe all the speculators have already bought it. Get ready for a Trump dump.

— Peter Schiff (@PeterSchiff) October 23, 2024

According to decentralized prediction market Polymarket, the probability of Donald Trump winning against Kamala Harris in the US presidential election on November 5 has surged to 63%. Tech billionaire Elon Musk believes Trump’s chances of winning could be as high as 69%, based on his popularity in key swing states.

As a result, cryptocurrency experts are betting that a bullish breakout for Bitcoin is imminent, as observed in the last election. However, a long-time Bitcoin critic believes Trump’s victory could easily turn into a news-selling event.

Meanwhile, Schiff emphasized that gold will continue to attract investor attention as a hedge against global inflation and economic uncertainty.

It is worth noting that gold prices led the precious metals industry on the rise after recently hitting an all-time high of over $2,730 per ounce.

BTC’s Medium-Term Goals

According to legendary trader Peter Brandt, Bitcoin price is currently trading at a critical crossroads that will largely determine its next steps. From a technical analysis perspective, Brandt emphasized that the Bitcoin price could fall to $48,000 next or break out towards a new all-time high (ATH) soon.

Meanwhile, institutional investors, led by US spot Bitcoin ETF issuers, have been betting on an inevitable near-term rally in BTC and cryptocurrencies, similar to gold and major stock indices.