The recent presidential election caused a wave on the cryptocurrency market, to which Bitcoin prices responded positively Donald Trump’s victory over Kamala Harris.

As Trump prepares to take office for a second term, his continued commitment to making the United States the “crypto capital of the world” has sparked bullish sentiment among investors, positioning Bitcoin at the center of his economic proposals.

“Bitcoin’s $13 million price target is bearish.”

Dennis Porter, CEO and co-founder of the Satoshi Action Fund, has been vocal about the implications of Trump’s victory for Bitcoin and the broader cryptocurrency landscape.

In a series of posts on the social media platform X (formerly Twitter) Porter highlighted Bitcoin’s potential for significant price discoveries in the coming years. He emphasized that the election result signals a significant change in the political landscape regarding cryptocurrencies.

Porter stated that it is “abundantly clear” that Bitcoin is a “winning issue” after the 2024 presidential election, claiming that opposing Bitcoin support is “political suicide”, predicting that the United States will lead BTC.

The CEO of the Satoshi Act Fund believes that as the global community comes to terms with this reality, there will be a “dramatic” acceleration in the price of Bitcoin adoption will follow.

In addition to Trump’s victory, the Republican Party secured a majority in Congress, further increasing the prospects for cryptocurrency legislation. Porter excellent that over 250 members of Congress are currently supporters of Bitcoin, which could create a more favorable regulatory environment for the development of the cryptocurrency market.

This newfound political support could lead to legislation to clarify regulations and encourage innovation and investment in the digital asset sector. It could also pave the way for the approval and implementation of one of Trump’s key promises: making BTC a strategic reserve component for the country.

One of Porter’s most striking paintings comments came just 24 hours after the election when he suggested that a $13 million forecast for Bitcoin could be considered bearish. “Expect the unexpected,” he said, pointing to the possibility of even higher Bitcoin valuations soon.

Extended bull run for BTC?

In update on social media, market expert Rekt Capital provided insight into BTC’s short-term price action. He stressed the importance of the weekly candle closing above $71,500, which could signal the beginning of a breakout from the current reaccumulation range.

Rekt Capital notes that Bitcoin has been in an extended re-accumulation phase for over 200 days since the last Halving event that took place earlier this year in April.

The expert points out that historical trend suggests bullish sentiment as Bitcoin’s cycle has drastically shortened from an average of 260 days to just 13 days in the current post-halving context.

This reduction in cycle duration indicates that Bitcoin is in a slightly accelerated phase compared to previous cycles. However, the current pace of acceleration is not as rapid as at the beginning of the year, especially in March 2024, which suggests a stabilizing trend.

Due to this extended period of consolidation, Bitcoin has almost completely adjusted to historical values Halving cycles. Rekt believes this resynchronization could lead to a longer and more stalwart bull run than expected.

In related analysis, cryptocurrency analyst Ali Martinez I speculate on the potential date of the next market peak for Bitcoin. It highlights a historical pattern in which Bitcoin typically reaches market highs 8 to 12 months after reaching a monthly close above the previous all-time high.

Ali Martinez predicts that the next significant market peak for the leading cryptocurrency could occur between July and November 2025 if this trend continues.

At the time of writing, BTC is trading at $75,100.

Featured image from DALL-E, chart from TradingView.com