There are only 16 days left until the US elections, and Bitcoin is already at the high of late July. Many analysts are confident that a Trump victory will take Bitcoin to new heights, and this theory is gaining popularity among major financial institutions. Others believe that the election results will not have a significant impact on the value of Bitcoin , but a Trump victory could create a so-called "Divine Candle".

This belief is based on Trump’s shifting stance on cryptocurrency, as well as his promises to make cryptocurrency thrive in America. Harris, on the other hand, is surrounded by skepticism due to her role as Biden’s vice president. The Biden administration has made life difficult for the industry over the past few years, and Harris would likely continue that policy if elected.

Last month, analysts at Standard and Chartered predicted that a Trump victory could push BTC to $125,000, while a Harris victory could push it closer to $75,000. The well-known brokerage and research firm Bernstein came to a similar conclusion.

If Trump wins, a huge green “Divine Candle” could emerge simply due to the strength of market sentiment. Bitcoin has formed several such epic daily candles over the years, and crypto publication Protos has charted them in a separate chart.

Daily candlestick from February 8, 2021 captured by r/cryptocurrency members.

The largest Divine Candle to date occurred on April 10, 2013, when Bitcoin’s price soared from just under $20 to $290 (a 115% increase in one day). Another notable spike occurred when Elon Musk’s Tesla (NASDAQ: TSLA ) invested in BTC, sending its price up 22.4% on February 8, 2021. A Trump victory could create a candle that falls somewhere between the above.