Also in the previous years, in the previous bull markets, we got the bull seasons and there were no positive sentiments from the USA or any other governments. I will just take this as a positive event for the market.
Well, this is what I mean. The increase factor can occur due to several causes. Not only because the candidates who are fighting won the election by raising positive issues regarding Bitcoin. It's funny to me if because of them prices will increase even though there is an effect that makes prices increase because of them.
If there is a lot of demand, perhaps if we refer to the law of supply and demand, without political factors the price will still increase.
But still, we can’t deny that after Biden abandoned the presidential candidacy, bitcoin has started to surge high. So we can really tell that US election really makes an impact to bitcoin, although we can’t tell that everything that happens to bitcoin are attributed from this US politics.
It surge high because of the dumping of the German government is done, and then we have the assassination attempt on Trump and then him speaking on the Bitcoin conference. So yes, the election in the US has something to do with the surge in price. But if we look at it, after hitting $70k, it was a short live rally, as the price goes down to $66k and probably lots of short day traders have sold for instant profit.
Majority of the price events of bitcoin are still coming from its supply and demand. The good thing is, the demand for bitcoin has increased a lot more when Trump started to favor bitcoin and tells positive about it. Hopefully this is already a good start for the upcoming bull run.
We still have the fundamentals, like supply and demand that might push the price later. But we can't deny the fact that the Presidential election will really have a big impact on us, specially if Trump is going to win this November. If that happens, $80k, easy and it could start a massive bull run.