Bitcoin is Heading for a New All Time High
Bitcoin is on the verge of breaking above $73,700 the all-time high price, with Bitfinex analysts forecasting a “mega bull run/perfect storm” for the days after the U.S. presidential election.
Bitcoin is currently running at $71,238, only 3.4% move from it in price and the biggest milestone after the perfect stormy recovery that we see today can enter us for new record-breaking times.
Bitfinex, however, argued that special conditions in the market – especially a so-called Trump trade narrative favorable to a new all-time high–could develop – potentially driving Bitcoin over 73,800 USD within months.
According to Bitfinex analysts, all the factors for the “perfect storm” of Bitcoin price push must converge into one perfect point. As market participants have already adjusted themselves (privately or publicly) with the US election taking place in 2 weeks, many believe that a Trump win would be bullish for Bitcoin.
As of today, the decentralized betting platform PolyMarket has Trump 30% ahead of Kamala Harris — despite a national poll showing Harris 1.5% ahead of Trump.
While the lack of enthusiasm about Trump from the Right was not reflected in wider polling, it would shape a new narrative for the crypto market dubbed the “Trump trade,” suggesting that Bitcoin might gain as Trump proves pro-business and more receptive to digital assets than his opponent.
Will Bitcoin Ride the “Trump Trade”?
A strong theme bolstered by the market is that the Bitcoin price has been affected alongside Trump and his rising odds of victory.
On the decentralized betting platform Polymarket, Trump is ahead by 30% against Kamala Harris, while a national polling average from 583 shows him trailing by just under 1.5% of the vote.
According to Bitfinex information, this separation between decentralized sentiment and mainstream polling emphasizes a familiar ability in the crypto market: investors seem to go for a degree of security that Bitcoin may provide instead of hopes or national politics.
Analysts think that if Trump’s likelihood of winning never forget about its color increases, Bitcoin may be high-quality in all likelihood because of increased digital asset hobby as a hedge towards some economic and coverage alterations resulting from an additional Trump administration.
A confluence of favorable conditions, this “Trump trade” story along with election uncertainty have already pushed the price higher for Bitcoin, which Bitfinex calls a convergence or positive synergy effect.
A Market With Optimism and Higher Volatility
Bitcoin has bounced back impressively, even with all the recent volatility around it due to continuing geopolitical conflicts and ongoing macro turbulence in the U.S.
The fourth quarter typically tends to provide bullish moves in a booming way, which also supports the theory that a post-election rally would follow should Trump win, and Bitcoin price is part of it.
According to Bitfinex, this heightened relationship between a potential positive momentum for Bitcoin and a possible win for Trump but also the stability of BTC amidst increased uncertainty across the globe is one of its major strengths.
All-Time High Open Interest and December Options
Meanwhile, Bitcoin open interest reached an all-time high of $41.7 billion on Oct. 29 — a sign of bullish sentiment and strong demand for leveraged exposure to the asset.
The new all-time high sets the stage for bullish sentiment as investors are looking to profit on price fluctuations around the U.S. election.
In support of this, Bitfinex’s analysts noticed a high demand for call options due in December as well, indicating traders have begun to price in further upside for the end of this year.
A high open interest together with higher call options indicates a market poised for large post-election moves.
Trying to Hit a Record in Face of Global Crisis
While the macro backdrop continues to be complicated, Bitcoin finally holding up and nearing its ATH is a sign of strength underneath. Bitcoin is currently priced at $71,238 — only a few percentage points away from an ATH for investors to enter before it potentially breaks through.
Assuming these conditions converge as Bitfinex expects, Bitcoin could not only tap its former top at $73,700 but also go on to beat it.
As this week draws to a close with Bitcoin performance post-election likely contingent on domestic political outcomes as well as global sentiment, the crypto market is on the verge of what could prove an explosive turn of events.
We won’t know if the mythical “perfect storm” will take Bitcoin all the way to previously unimaginable highs, but as Bitfinex notes, we are laying down a solid bullish foundation.
Can Bitcoin break the record?
Why $71,086 is Much More Important than Rising to an All Time High? — Latest Bitfinex Report Gives a Big Clue!
While there is a “perfect storm” of factors that could usher in new all-time highs for Bitcoin after the election, including volatility driven by the event and investor interest on behalf of consumers. And with that, investors and analysts are waiting to see if it has the possibility of breaking the all time high in March where Bitcoin reached $73,700. According to Bitfinex forecast based on current market dynamics Bitcoin could be very close to something big, time wise we are within 3.4% from breakout point!!! Let’s see what happens next?
