As a seasoned researcher with a keen eye for market trends and a knack for predicting the unexpected, I find Suliman Mulhem’s analysis intriguing. His perspective on the upcoming US presidential election as a potential bullish catalyst for the cryptocurrency markets is indeed thought-provoking.
To begin October, Bitcoin and the broader cryptocurrency sector have faced a bumpy ride, with Bitcoin dipping down to approximately $60,370 on October 2nd.
Following a more favorable September than anticipated, and with an upbeat outlook towards October and Q4 as a whole – a timeframe that traditionally brings positive momentum to the cryptocurrency markets, particularly in election years for the U.S. presidency.
Although October began with some worrying signs, political consultant Suliman Mulhem from the UAE advocates for maintaining optimism. He referred to the upcoming November Presidential Election as a “positive trigger” or “bullish catalyst,” implying that its outcome will likely be favorable for the situation, regardless of what it may be.
According to Mulhem, the upcoming U.S. presidential election could act as a positive trigger for the cryptocurrency markets, regardless of whether Kamala Harris or Donald Trump wins.
“Although a Trump victory would be met with more optimism from the crypto markets, due to him and his running mate JD Vance being perceived as more ‘crypto-friendly’ than Harris, a victory by the Democrats would nevertheless be bullish, as it would still mark the end of Joe Biden’s stint in office.
Had Biden continued in the presidential race and not endorsed Harris, the election outcome could have been clearer with two distinct possibilities. In case of his re-election at 81 years old, the cryptocurrency markets may have experienced a significant drop. Conversely, a Trump victory might have sparked immediate optimism among both retail and institutional investors.
Mulhem expressed his strong conviction that Bitcoin might reach a record peak by the end of 2024, or possibly during the first three months of 2025.
With the upcoming election acting as a potential positive factor, regardless of its outcome, combined with an expected Bitcoin supply shortage due to the halving event and the Federal Reserve possibly adopting a more lenient monetary policy, it’s highly probable that Bitcoin will reach a new record high by the end of 2024 or the beginning of 2025.
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2024-10-03 15:41