Bitcoin’s recent rally, approaching its highest price since March 2024, may be influenced by the prospects of former President Donald Trump's election victory. The cryptocurrency is reportedly being used as a hedge for a potential Trump win, according to crypto analyst 'The Giver.' As Trump's odds rose on prediction markets, so did Bitcoin's price, reaching a peak of over $68,200. However, the analyst cautions that the macroeconomic environment is not conducive to Bitcoin achieving a new all-time high post-election. Key factors like monetary policy and liquidity injections from central banks, which typically support Bitcoin prices, are currently lacking. Some analysts from Bitfinex remain optimistic, predicting that Bitcoin could surpass its previous high by the end of 2024, driven by market structures conducive to a Republican win. Overall, while there are correlations between Trump's election chances and Bitcoin's performance, the prevailing economic conditions are deemed insufficient for a sustained rally.

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