Analysts Point to Trump’s Election Odds as Catalyst for Bitcoin Rally – MicroStrategy Gains Signal Possible Breakout
Analysts at Bernstein link bitcoin’s recent surge to Donald Trump’s rising odds in the 2024 presidential election. They highlight MicroStrategy’s stock, which has soared 191% this year, as a key indicator of a potential market breakout.
With Trump leading in five out of six swing states, the analysts note that the improving election predictions enhance the crypto rally, driving bitcoin prices higher. Bernstein points out that MicroStrategy has successfully leveraged equity and debt to acquire bitcoin, outperforming bitcoin itself this year. They expect that as bitcoin gains strength, pure-play miners will start catching up with AI-focused miners.
Clever Robot News Desk 17th October 2024
