Bitcoin traders predict $80K as Trump’s odds rise
Bitcoin's (CRYPTO:BTC) price has been influenced by speculation surrounding Donald Trump's odds of winning the upcoming U.S. presidential election.
According to Bitfinex analysts, there is an increasing correlation between Bitcoin’s price action and Trump’s election chances.
Recent market data from the crypto exchange Deribit indicates that Bitcoin options traders are placing heavy bets on the cryptocurrency reaching $80,000 by the end of November.
As of Oct. 21, Bitcoin saw a brief rally to $69,000, a move that analysts suggest may have been driven by speculation surrounding Trump's potential victory.
In prediction markets such as Kalshi and Polymarket, Trump’s odds of winning have surged to around 60%, further boosting confidence in Bitcoin among traders.
Bitfinex analysts noted that risk assets, including Bitcoin, are reacting to election uncertainties, which may favor Bitcoin’s growth.
FalconX head of research, David Lawant, expressed that Bitcoin is likely to perform well regardless of the election's outcome, although some believe Trump’s crypto-friendly stance could further fuel the rally.
The market is also closely monitoring Trump’s views on potential law reforms within the SEC and taxation policies that may benefit the crypto industry.
Crypto analyst Axel Adler mentioned that almost all of Bitcoin’s supply is now in profit, with 94% of coins purchased at $55,000 or below.
This indicates strong market support.
Bitcoin’s continued bullish momentum reflects both its resilience and the broader sentiment surrounding Trump’s election chances and the potential regulatory changes he might bring.
Based on current market conditions, Bitcoin options traders remain confident in the $80,000 price target, driven by both political and financial factors that could shape the coming months.
At the time of writing, the Bitcoin price was $67,112.07.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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