The ever-evolving world of crypto assets could be poised for substantial growth, as market experts at the cryptocurrency channel Our Crypto Talk are heralding an unprecedented super bullish phase for the industry, driven by a convergence of significant global developments. Key among these is the adoption of cryptocurrency assets in the impending United States Presidential election, scheduled for November 4, this year.
Crypto Industry On The Path To Substantial Growth
According to the channel, crypto is currently so big that it plays a role in the US presidential elections. Due to this, new investors and holders are excited about the amount of traction the industry is receiving, which begs the question, “Do you have enough in your bag?”
The analysts noted that the market saw a notable price surge over the last 3 weeks, with Ethereum seeing a 25% pump before the approval of its spot Exchange-Traded Funds (ETFs). Several encouraging factors, like former US president Donald Trump‘s endorsement of Bitcoin and other digital assets, are driving this bullish trend.
It is worth noting that Trump recently has constantly declared his support for digital currencies, by accepting donations for his campaign in the form of these assets. This move by Trump signifies a major landmark for the adoption of these assets, as it is the first time a major government figure has openly backed them.
He has also promised to bring forth a safer regulatory landscape for the currencies by keeping anti-crypto figures like US Senator Elizabeth Warren away from it, to drive innovations in the country. Given Trump’s status as a major presidential candidate, his involvement tends to give the market more legitimacy.
The channel further highlighted that Trump’s pro-crypto position is perhaps an attempt to draw in young enthusiasts in the industry. By accepting digital currency contributions, his campaign may gain more support from individuals who only care about this one subject, which might significantly affect politics.
With obvious disparities between Trump and incumbent US President Joe Biden’s position, the channel claims the assets are emerging as a significant political issue. Thus, it will be fascinating to watch how Biden responds to this, given his stance, which may further energize this rally.
In all, this rising significance of digital assets in politics has the potential to impact voter choices and provide additional legitimacy to the market.
Market Sentiment To Drive Massive Prices
Our Crypto Talk also delved into the substantial gains these developments could trigger for digital coins, particularly Bitcoin. According to the channel, a cup and handle pattern has formed on the Bitcoin chart, suggesting that $116,000 may be a possible price target.
This pattern indicates a significant upward trend in the price of Bitcoin and reinforces the bullish sentiment surrounding the market due to crypto’s presence in the US presidential elections this year.
However, Bitcoin’s dominance is presently sliding below major resistance levels. As a result, the channel anticipates the momentum to shift toward Altcoin, which would cause a shoot up as much as BTC in the upcoming leg, if not more.
Featured image from Adobe Stock, chart from Tradingview.com
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