Bitcoin rose 1,900% during Trump's first term. Will it hit $1 million this time?

During Donald Trump’s first term as U.S. President, which ran from November 2016 to November 2020, BTC surged more than 1,900%. He achieved this despite his critical stance toward cryptocurrencies at the time, in which he famously tweeted in 2019 that BTC was “highly volatile” and claimed that its value was “without basis.”

BTC/USD daily price chart. Source: TradingView

However, given Trump’s promise to make the United States a “bitcoin superpower” and implement deregulation to promote the cryptocurrency industry, it seems that Trump’s second term will be more favorable to the cryptocurrency industry.

Trump’s victory, announced on Nov. 6, has helped push Bitcoin to new highs around $76,400, with top analysts such as TYMIO Yield founder Georgii Verbitskii predicting that BTC prices will surpass $100,000 in the coming months.

Will Bitcoin Price Surpass $1 Million by 2028?

If the price of Bitcoin were to rise 1,900% from its current level, each Bitcoin would be worth more than $1.5 million.

This would make Bitcoin an asset class worth $28.5 trillion, almost eight times the market value of Nvidia, the world's largest company, and 1.6 times the market value of gold.

BTC/USD weekly price chart. Source: TradingView

Obviously, $1 million per Bitcoin is a lofty goal, but it’s a price that prominent analysts in both traditional finance and cryptocurrency have been predicting for years.

ARK Invest CEO Cathie Wood previously predicted that the price of BTC will exceed $1 million by 2030, and pointed out that major investment banks such as Morgan Stanley, Merryl Lynch and Bank of America may enter the Bitcoin field.

Henry Arslanian, co-founder of Dubai-based Nine Blocks Capital Management, reiterated a similar sentiment in a Nov. 6 X post, noting that a Trump victory would bring “further entry of institutional players” into the U.S. crypto industry, from asset managers to family offices.

Source: Henri Arslanian

Post-election Bitcoin price targets range from $100,000 to $250,000

Most analysts predict that the Bitcoin market will rise sharply after Trump's victory.

According to cryptocurrency research firm 10x Research, BTC prices could rise to $100,000 by January 2025 , noting that “when Bitcoin sets a new six-month high for the first time in 6 months, as it did recently, [it] typically delivers a median return of 40% over the next 3 months.”

Meanwhile, independent market analyst Magnus said Bitcoin will approach $250,000 in the next 12 months, citing a sharp rise in Bitcoin prices after the US election.

BTC/USD price performance after the US election. Source: Mags

He argued:

“After the 2016 election, BTC prices increased by 2,747%. After the 2020 election, BTC prices increased by 360%, and in 2024, the president supports Bitcoin. Even a 240% increase would mean $250,000 per Bitcoin.”