United States President Joe Biden shocked the markets when he ended his reelection bid on Sunday, July 22.
Some analysts suggested that the president’s withdrawal from the election race could benefit Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) and other crypto assets in the coming months, while others cautioned that investors should temper their excitement for now.
The price of Bitcoin immediately dipped as much as 2.8% following the announcement, touching the $65,800 mark, but it quickly regained over 3.6% by the time of publication, <a href="https://www.tradingview.com/chart/?symbol=COINBASE%3ABTCUSD" rel="dofollow" target="_blank">according</a> to TradingView data.
<figure data-ct-non-breakable="true">
 <img alt="Biden out, bull run in? Here’s what analysts think" src="https://s3.cointelegraph.com/uploads/2024-07/87e3cfc7-467f-4eeb-a455-1967c2de6b65.png" title="">
 <figcaption style="text-align: center;">
 The price of Bitcoin slumped and then rallied sharply following Biden’s announcement. Source: TradingView
 </figcaption>
</figure>
Describing Biden’s sudden move as a “win for crypto assets,” eToro market analyst Josh Gilbert told Cointelegraph that Trump’s heightened chances of reelection represent a “huge boost for the asset class:”
<blockquote data-ct-non-breakable="true">
 “The longer that we see Trump staying ahead in the election odds, the more crypto assets will price in his victory.”
</blockquote>
“It’s difficult to envision Kamala Harris or another Democrat candidate overturning Trump’s lead in the polls with just three months left in this election race, but a lot can happen in that time frame, so nothing is off the cards,” he explained.
Trump has recently made Bitcoin and cryptocurrencies a key part of his election campaign, declaring on June 14 that <a href="https://cointelegraph.com/news/donald-trump-joe-biden-cryptocurrency-united-states-president">he would bring an end</a> to the Biden administration’s “war on crypto” if elected president.
10x Research founder Markus Thielen suggested that a crypto-friendly Trump could announce that he would make Bitcoin a strategic reserve asset for the US government at the upcoming Bitcoin 2024 conference in Nashville, Tennessee.
In a July 21 <a href="https://mail.10xresearch.co/p/bitcoin-another-alltime-high-attempt-going-parabolic" rel="noopener noreferrer nofollow" target="_blank">report</a>, Thielen wrote that the US government holds just 212,800 BTC worth around $15 billion, while it holds around $600 billion in gold reserves. If the government doubled its Bitcoin holdings, it would be “nearly equivalent” to <a href="https://cointelegraph.com/news/us-bitcoin-spot-etfs-17-billion-net-inflows">the price impact of net inflows</a> into spot Bitcoin exchange-traded funds (ETFs) year-to-date.
Looking forward, Gilbert said he expects to see the price of Bitcoin drive higher, citing the upcoming launch of spot Ether (<a href="https://cointelegraph.com/ethereum-price">ETH</a>) ETFs in the US as one of the main catalysts for growth across the market.
<h2 data-ct-non-breakable="true" id="don-t-get-too-excited-about-a-trump-win-yet">Don’t get too excited about a Trump win yet</h2>
However, some analysts say the recent Biden development may not lead to an immediate surge for crypto.
Swyftx analyst Pav Hundal warned that while Biden’s withdrawal could boost Trump’s chances, it would be difficult to directly link this and the current bounce in price action in the broader crypto market.
Related: <a href="https://cointelegraph.com/news/what-we-know-about-kamala-harris-views-on-crypto">What we know about Kamala Harris' views on crypto</a>
“Learning from the Bitcoin ETF experience, we could see a temporary stalling of prices before the uptrend continues,” he said.
<blockquote data-ct-non-breakable="true">
 “This recent surge might be attributed to early Ethereum ETF speculation, and it’s important for investors to stay cautious and not get overly excited in the short term.”
</blockquote>
Similarly, Gary Black, managing partner at The Future Fund, warned his 433,000 followers on X that a Trump presidential victory was far from a done deal.
“Those who think Trump/Vance will win by a landslide are getting ahead of themselves,” Black said in a July 22 <a href="https://x.com/garyblack00/status/1815169443586338954" rel="noopener noreferrer nofollow" target="_blank">post </a>to X:
<figure data-ct-non-breakable="true">
 <img alt="Biden out, bull run in? Here’s what analysts think" src="https://s3.cointelegraph.com/uploads/2024-07/487b7b9c-e71c-4a28-bb2a-8d83acf6865c.png" title="">
 <figcaption style="text-align: center;">
 Source: <a href="https://x.com/garyblack00/status/1815169443586338954" rel="noopener noreferrer nofollow" target="_blank">Gary Black</a>
 </figcaption>
</figure>
“The American public doesn’t trust Trump after the events of Jan 6th. I was no fan of Biden or Kamala but Dems could still nominate Newsom, Michelle Obama, or another leading Dem to be their Presidential candidate.”
<blockquote data-ct-non-breakable="true">
 “It’s too early to have such high conviction about a second Trump Presidency.”
</blockquote>
Magazine: <a href="https://cointelegraph.com/magazine/crypto-voters-are-already-affecting-the-2024-presidential-election/">Crypto exposes sudden rift among Democrats months ahead of election</a>

Biden out, bull run in? Here’s what analysts think

Table of Contents

Cointelegraph

Other articles published on Jul 22, 2024

Bitcoin’s ‘Moon’ Phase Has Triggered Perfect Storm For Altcoins; Watch Out For Solana-based Coins

Marlin (POND) Price Prediction 2025, 2026, 2027, 2028, 2029 and 2030

Mt. Gox Transfers Bitcoin to New Address

ANDE’s Electricity Price Hike Could Force 70% of Paraguay Crypto Miners Out of Business

MOONHOP Sprints to $1M: Leaving Brett and Bitcoin in the Bear Dust With 4900% Prediction on Launch

Michelle Obama For Democratic Nominee? Crypto Bettors Think Her Odds Have Just Tripled

Join our free newsletter for daily crypto updates!