VanEck an investment giant anticipates Bitcoin BTC to reach a new alltime high due to the upcoming US election heres why

CoinWorld reported:
Asset management giant VanEck believes that the upcoming US presidential election will trigger a new high for Bitcoin (BTC), according to the company’s director of digital asset research.
In a letter to investors shared by Matthew Sigel on the social media platform X, VanEck stated that the recent slump in Bitcoin and other digital assets reflects a “government malicious sell-off” around July 4th to a relatively weak market.
At the end of last month, the German government began selling off a large amount of confiscated Bitcoin and has since been relentlessly selling off its holdings.
VanEck also noted that during bull market years, BTC trades rarely dip below the 200-day moving average, but if the government continues to sell and more bad news emerges, this level – currently around $36,000 – may be breached.
However, the company stated that BTC is currently brewing several positive catalysts, including the possibility of a soft landing for the US economy, a potential reversal in monetary policy, and the possibility of Trump serving as president in November.
“Nevertheless, with inflation continuing to slow down, the US economy appears to be in a soft landing, and the long-awaited shift in monetary policy seems closer. We expect that this election, along with the historical high levels of deficit spending in the market price over the next four years, and the potentially more friendly regulatory backdrop under the Trump administration, will drive BTC to new all-time highs.”
Meanwhile, Bitcoin adoption continues in emerging and frontier markets, with three more countries (Kenya, Ethiopia, and Argentina) announcing this year that they will use government-owned energy for Bitcoin mining.
“We continue to advocate for a dollar-cost averaging strategy, purchasing Bitcoin to target weights and considering 6% as a reasonable position size for BTC and ETH in most 60/40 benchmark portfolios.”
At the time of writing, the trading price of Bitcoin is $55,898.
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