- Bitcoin price hits the $14,500 YTD high amidst Joe Biden’s lead.
- Bitcoin price was expected to rise in case of Biden’s win.
- Federal Reserve Stimulus is also playing a positive role.
Bitcoin continues its bullish trend soaring to 100 percent gains in 2020, remaining indifferent to United States (US) election altercations. The cryptocurrency king hit a record high of $14,558, not witnessed since Jan 2018, and maintained a bull market rally of 38 percent in the past 4 weeks.
Bitcoin’s price climbed steadily during the past 24-hours with only positive notions on the charts. This marks one of the longest awaited year-to-date (YTD) price movement. Some Bitcoin price predictions had already been expecting the rise to happen in case Joe Biden wins, and it seems the predictions are coming true.
Federal Reserve stimulus pushing Bitcoin price or is it Joe Biden?
On 31st October, marking 12 years since the crypto king’s inception, BTC hit a record mark of $14,000 but swiftly dropped down to $13,520 after the odds seemed to be in President Trump’s favor owing to his victory in Florida. The pullback was swiftly overturned by an upswing nearing the $10,400 point owing to the expected Federal Reserve (FED) stimulus.
Crypto trader at GeyserCoin (GSR), John Kramer anticipates favorable conditions for Bitcoins (BTC) as long as Federal Reserve (FED) continues injecting money at a consistent pace, however, stimulus fate post-election result continues to remain a mystery.
The central bank is expected to encourage bond purchases and maintain low-interest rates in order to boost liquidity and curb inflation rates. Dovish prejudice is expected to be restated by the central bank under economic uncertainties expected post-elections. Chief technical analyst at Token Metrics, Bill Noble, explains the uncertain situation saying if the Republicans are back, the Federal Reserve is expected to print while if Democrats win, Dollar is expected to take the hit; in that case, the FED prints much more.
So far Joe Biden continues to stay in the lead , the result is yet to be declared as President Donald Trump is set to file legal action against the results of major states.