Bitfinex analyst says Bitcoin is headed for a new ATH (all-time high) due to just the right market conditions and its ‘perfect storm’.
Analysts from Bitfinex believe that Bitcoin may hit an all-time high following the U.S. election, citing current market conditions as a “perfect storm” for significant price movement.
According to the analysts, Donald Trump’s potential victory in the presidential election, coupled with historically bullish market trends, could create an ideal environment for Bitcoin’s price to surge next month.
They stated, “The combination of election uncertainty, the ‘Trump trade’ narrative, and favorable Q4 seasonality creates the perfect storm for Bitcoin, setting the stage for an exciting period ahead, despite any volatile price movements leading up to the election in two weeks.”
In their October 28 market report, Bitfinex analysts highlighted that Bitcoin has shown resilience despite experiencing significant volatility due to geopolitical tensions in the Middle East and various macroeconomic factors in the U.S.
They noted that anticipation surrounding a possible Trump win on November 5 has contributed to a sharp rebound in Bitcoin’s price.
The analysts emphasized the growing “Trump trade” narrative, indicating that the correlation between Bitcoin’s upward movement and a potential Trump victory has strengthened considerably.
Currently, Trump is leading Kamala Harris by 30% on the decentralized betting platform Polymarket, while national polls show Harris ahead by just 1.5%, based on data from 583 polls.
Bitcoin’s recent price increase has coincided with record open interest, which reached an all-time high of $41.7 billion on October 29, reflecting a strong demand for leveraged exposure to the cryptocurrency, according to CoinGlass data.
Additionally, Bitfinex analysts pointed out a consistent rise in call options for BTC set for late December.
With this record open interest, the analysts suggest that the market is positioning itself for a “post-election surge,” which could push Bitcoin beyond its previous all-time high of $73,800 after the election.
Bitcoin (BTC) is currently trading at $72,303.22 at the time of this writing.
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