With only a short time left until the US elections, Bitcoin and altcoins experienced a huge jump. While BTC exceeded $71,000, altcoins also experienced double-digit increases.
Behind this rise is the increasing possibility of Donald Trump winning the presidential elections to be held next week, and even the fact that he is almost certain to win, while Bitfinex analysts said they expect BTC to reach an all-time high next month.
“Bitcoin has seen a sharp recovery in price as the probability of Trump's victory in the November 5 election increases despite major volatility created by geopolitical unrest in the Middle East and other macroeconomic issues in the US,” analysts wrote in a recent report, noting that the recent rally is related to Trump.
Donald Trump’s chances of winning the US presidential race, combined with historically bullish market conditions, could create the perfect environment for Bitcoin to rally, Bitfinex analysts said.
“In summary, the combination of election uncertainty, the Trump trade narrative in Bitcoin, and favorable fourth-quarter seasonality is creating a perfect storm for Bitcoin and promises to be an exciting period leading up to the election in two weeks.
Existing bullish signals could potentially push Bitcoin toward and beyond its all-time high of $73,666.”
At current prices, Bitcoin is just 3% away from reaching its all-time high of $73,666 reached in March this year.
Bitfinex analysts also stated that they expect BTC to surpass $80,000 by the end of 2024.
“Calls with a Dec. 27 expiration date and $80,000 expiration price are of primary interest,” analysts said, noting that year-end options have seen a dramatic increase in call options in the past few weeks.
At this point, analysts emphasize that the option markets show a recovery potential after the US presidential elections and think that $80,000 could be exceeded by the end of the year.
Bitcoin continues to trade at $70,970 at the time of writing.
*This is not investment advice.