2024 Election Day Could Trigger 10% Move in BTC and Bitcoin All-Time High

With the U.S. election day casting its long shadow, BTC is teetering on the edge of chaos, and the possibility of a new Bitcoin All-Time High seems very real.

Traders are on red alert, with options markets hinting at a wild 10% swing — a cool $7,000 price shift — as the electoral drama plays out between former President Donald Trump and Vice President Kamala Harris. It’s a cocktail of political and economic tempest. Here’s what you should know about the options market impact on a Bitcoin All-Time High.

Bitcoin All-Time High? Reading the Option’s Market Tea Leaves

In an interview with Trustnodes , Nick Forster, founder of the on-chain options DeFi protocol Derive.xyz, shed light on the situation:

 “There’s a one in three chance that BTC could see a swing greater than 10% on election day, with a more volatile scenario of 20% movement sitting at a 5% likelihood.” – Nick Forster, Derive.xyz CEO

I don’t know about you, but I’ve had the betting odds for Polymarket and Kalshi open on my laptop all week. According to Forster, it seems many people are doing the same as his figures underscore the market’s anticipation of significant price action linked to the election outcomes.

( Polymarket )

In options trading, a measure known as term structure indicates that the short-term implied volatility is higher than the long-term, highlighting the market’s expectation of event-driven fluctuations.

Election Day Drama: Trump vs. Harris (Bitcoin All-Time High?)

Election day, set against a backdrop of Fed rate cuts, possible imprisonments of Trump and Hunter Biden, economic uncertainty, and Hitler accusations, promises to be anything but predictable.

Polls suggest a tight race, with Pennsylvania, Nevada, and Michigan emerging as pivotal battleground states. At this point, only six states will decide the election.

( Kalshi )

Betting markets add another layer of opaque intrigue. Most predict a Trump landslide, while others argue that Kalshi and Polymarket are biased. This uncertainty feeds into Bitcoin’s potential volatility as traders grapple with the implications of either outcome.

As the election’s outcome teeters, a new Bitcoin all-time high hangs in the balance—BTC’s reaction is as unpredictable as the vote itself. Currently, Bitcoin Price Trading volume in 24h Last 7d price movement is trading at $72,000, up 1% , and a Trump win might shoot BTC upward, riding the wave of his crypto-friendly vibe. But don’t be fooled; some of this may already be baked into the current price.

Meanwhile, a Harris win could send the market scrambling for reassessment, though just how far that shift goes is anyone’s guess.

Rep. Tom Emmer, a strong advocate for crypto in Congress, believes that #cryptocurrency regulations are inevitable, regardless of who wins the upcoming election.

Speaking at the Messar Mainnet conference, Emmer stated that digital asset legislation will likely move forward in… pic.twitter.com/1JTAnD8HOA

— 99Bitcoins (@99BitcoinsHQ) October 17, 2024

Looking beyond election day, Bitcoin’s implications hinge on broader political and economic policies. Both Trump and Harris bring different potential impacts to the table. Trump’s rhetoric around creating a Bitcoin reserve fund suggests bullish short-term prospects, but his track record leaves room for skepticism.

Harris is stepping into the ring, offering crypto a ‘fresh handshake.’ She promises less baggage than Trump and a keen eye for clarity through the FIT21 act, which could pave a golden road for Bitcoin’s future.

Who knows which candidate actually cares about Bitcoin? I guess we’ll soon see in 6 days (or more because election shenanigans are already taking place)

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A Final Thought on Election Day Price Impacts

As the election draws near, Bitcoin enthusiasts and investors should brace for the most pivotal event for the price all year—yes, more than the Bitcoin halving and the Fed rate cuts.

The interplay between political outcomes and market reactions will set a game where fortunes can change instantly. This goes beyond Bitcoin, likely impacting AI, tech, and Tesla.

Be sure to check out the 99Bitcoin’s YouTube channel for our election coverage!

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