Bitcoin Soars 41% In 30 Days Amid Trump Win And Post-Halving Surge

Bitcoin price has surged to $88,683, rising 41% over the past month, as market optimism around Trump win and the 2024 halving drive demand. Analysts suggest the post-halving imbalance, not political shifts, may be the main catalyst behind Bitcoin rally.

Bitcoin has crossed another milestone, trading at $88,683, an 8.81% rise in the past 24 hours and a 41.21% gain over the past month. The cryptocurrency’s latest bull run follows a combination of post-halving effects and recent political events.

The recent halving, a scheduled event reducing Bitcoin’s block reward by half, has once again underscored Bitcoin’s scarcity, propelling demand far above supply. Jesse Myers, co-founder of OnrampBitcoin, explained that post-halving surges reflect supply-demand imbalances typical after previous halvings. Myers believes Bitcoin’s continued price increase may be the natural consequence of this shift rather than solely political influence.

Meanwhile, supporters see Trump’s recent election win as a potential tailwind. Anthony Scaramucci, CEO of SkyBridge Capital, suggests that a Strategic Bitcoin Reserve under a pro-crypto administration could drive institutional interest in the asset. However, Myers adds, “The incoming Bitcoin-friendly administration is a catalyst but not the main story here.”

Despite the growing enthusiasm, Bitcoin critics like Peter Schiff remain skeptical. Schiff reiterated that Bitcoin’s rally was speculative, warning investors to consider the long-term risks.

As Bitcoin inches closer to the $90,000 mark, eyes are on the cryptocurrency’s next move in this potentially historic bull market, with both post-halving and political factors providing momentum.

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