Analysts say that after Trump wins the election, Bitcoin is expected to reach a milestone of $0.1 million by the end of this year.

James Butterfill, Research Director at CoinShares, stated,$Bitcoin (BTC.CC)$Rising to $0.1 million - which means there is still 33% upside potential - "it is possible now" because Trump's victory and the Republican control of the Senate may make it easier to push for the "expected relaxation of regulatory framework".

$0.1 million Bitcoin "doesn't sound so unreasonable" as its market cap is equivalent to "only 10% of the gold market share," Butterfill told CNBC in an email comment.

Trump defeated Vice President Harris on Wednesday to win the 2024 U.S. presidential election, having promised several measures to support cryptocurrencies in the months leading up to the vote.

One of the commitments was to dismiss Gary Gensler, the chairman of the U.S. Securities and Exchange Commission (SEC), who took over 100 actions against crypto companies during his tenure at the agency. The SEC sued cryptocurrency exchanges Coinbase and Binance, as well as blockchain company Ripple closely linked to the cryptocurrency XRP, accusing these companies of violating securities laws.

Another promise made by Trump is to establish a strategic reserve of Bitcoin, holding the digital currency accumulated by the US federal government through confiscating assets of financial criminals.

He also pledged to promote the Bitcoin mining industry in the USA, stating that he hopes all the remaining Bitcoins in the world will be mined in the USA.

Butterfill believes that the main catalyst for the future of Bitcoin will be changes in the SEC leadership, crypto-friendly regulations, and further adoption of cryptocurrency by major companies. He added that another catalyst could possibly be a Fed rate cut.

Derivatives director at the cryptocurrency exchange Bitfinex, Jag Kooner, stated that while predicting the price of Bitcoin is difficult, reaching the target of $0.1 million in a few months 'seems not too far-fetched'.

"Considering the bullish momentum, coupled with the fact that the economy has avoided recession, we expect the downside potential for Bitcoin to be limited at this point. This ($0.1 million target) seems very reasonable," Kooner told CNBC via email.

Research director at the cryptocurrency custody company Copper.co, Fadi Aboualfa, believes that by January 20, 2025, when Trump assumes the presidency, the price of Bitcoin may reach $0.1 million.

"For Bitcoin, it is worth remembering that Trump witnessed two historical records during his presidency from 2016 to 2020," Aboualfa said in a written comment after the news of Trump's election win.

However, he added, these increases 'came against the backdrop of a weak dollar, unlike today's environment of a strong dollar'. Nevertheless, Aboualfa emphasized that given Bitcoin exchange-traded funds currently hold about 1.1 million Bitcoins, the momentum in the coming months may be positive.

Kooner further stated that other catalysts for the bullish price momentum of Bitcoin will include the so-called 'halving' event in April. The 'halving' event in the Bitcoin blockchain, a technical event that takes place every four years, will reduce by half the amount of Bitcoin supplied to miners who successfully produce new Bitcoins.

Kooner stated in an interview with CNBC that the anticipated continued decline in US interest rates, avoidance of economic recession, and the strong labor market may also 'boost people's confidence in the future of Bitcoin and its applications in the economy.'

Editor/ping