Originally published on: October 30, 2024
Excitement is building around the upcoming US elections with a surge in Bitcoin price expected to reach new all-time highs. A combination of factors, including massive inflows into spot Bitcoin ETFs, technical indicators, and onchain metrics, point towards a positive trajectory for BTC.
The recent rally saw Bitcoin surpass $73,000, prompting some to dub it the “Trump trade” as optimism grows around a potential Donald Trump presidency. With Trump leading in betting markets against Kamala Harris, the crypto industry envisions a pro-crypto environment under his administration.
As the race tightens, market analysts anticipate a Trump victory could fuel significant growth in the crypto market. This sentiment is reflected in the influx of investments into spot Bitcoin ETFs, with records showing billions pouring into these investment products.
Crypto data providers also indicate a strong bullish sentiment, with over 94% of Bitcoin in supply turning into profit. Despite this, short-term holders are not rushing to take profits, with indicators suggesting more room for growth before reaching overheated levels.
Bitcoin futures open interest hit an all-time high as BTC prices broke $73,000, signaling growing investor interest. If demand continues to surge, experts predict Bitcoin could target $84,000 next.
With Bitcoin price inching closer to new all-time highs, technical analysis points to a bullish breakout with a target set at $91,362. The market sentiment remains positive, further reinforced by the exponential moving averages showing a golden cross on the daily chart.
While this article does not offer investment advice, it highlights the growing optimism and potential for Bitcoin to break new records in the near future. Stay updated with critical insights and investment opportunities by subscribing to the Markets Outlook newsletter.
