Originally published on: October 29, 2024
Analysts at Bitfinex are predicting a “perfect storm” scenario that could drive Bitcoin to a new all-time high, thanks to a combination of Donald Trump’s chances of winning the presidential election and historically bullish market conditions.
According to a recent market report released on Oct. 28, Bitfinex analysts have observed significant price volatility in Bitcoin due to geopolitical unrest in the Middle East and other macroeconomic issues in the US. However, the anticipation of a potential Trump victory in the upcoming election has caused Bitcoin’s price to rebound sharply.
As of the latest data from CoinGecko, Bitcoin is currently trading at $71,086, marking a 4.9% increase in the last 24 hours and reaching its highest level in nearly five months. With just a 3.4% movement needed to reach its previous all-time high of $73,700 set in March this year, Bitcoin is poised for a significant breakthrough.
Analysts attribute Bitcoin’s recent strength to an intensified “Trump trade” narrative, indicating a strong correlation between a Trump victory and upward price movement in the crypto market. Decentralized betting platform Polymarket shows Trump leading Kamala Harris by 30%, while Harris is ahead of Trump by 1.5% in national polls, as per 583 polling data.
Moreover, Bitcoin’s rally is supported by record open interest, which hit an all-time high of $41.7 billion on Oct. 29, signaling a growing demand for leveraged exposure to the asset. Bitfinex analysts also highlight a rise in call options on BTC for late December, suggesting the market is gearing up for a potential “post-election surge” that could propel Bitcoin past its previous all-time high.
With the crypto market showing signs of resilience and bullish momentum, investors are keeping a close eye on Bitcoin’s price movements, especially in anticipation of the US election outcome. Don’t miss out on the latest developments in the crypto space – subscribe to our Crypto Biz newsletter for weekly insights on blockchain trends, regulatory shifts, and more.
