With just a few days left until the US elections, Bitcoin (BTC) has made a significant breakthrough and climbed above $73,000.
While the market and analysts expect the rise in Bitcoin to continue if Trump wins the US elections, JP Morgan analysts also announced their predictions.
According to The Block, JP Morgan analysts said that Trump's win could further increase the interest and demand for Bitcoin from individual investors and push the BTC price higher.
At this point, analysts stated that individual investors are flocking to Bitcoin as the US elections approach, and argued that this could push the price even higher.
JP Morgan analysts led by Nikolaos Panigirtzoglou stated that investors are also flocking to gold ETFs in addition to Bitcoin, saying:
“Retail investors are flocking to Bitcoin and gold ETFs. Retail investor interest is also seen in meme and AI tokens that are outperforming by market cap, outside of Bitcoin.
Overall, Trump’s win encourages retail investors not only to buy riskier assets but also to embrace more ‘throw-down trading’.
“A Trump win scenario could provide additional upside potential for Bitcoin and gold prices.”
Bitcoin continues to trade at $72,400 at the time of writing.
*This is not investment advice.