Bitcoin

Litecoin

Dogecoin

Ethereum

<p><strong>Bitcoin&#39;s price is on the verge of breaking above $68,000, fueled by optimism surrounding the U.S. presidential elections and predictions favoring a pro-crypto candidate, Donald Trump. Market speculation indicates a strong correlation between Trump&#39;s rising odds and Bitcoin&#39;s upward momentum, suggesting a potential new all-time high (ATH) for the digital asset.</strong></p><p>In recent weeks, Bitcoin (BTC) has seen a steady climb, finding support around the $65,500 level before starting a fresh increase. The cryptocurrency is now trading above $67,200, closely approaching the $68,750 resistance level. A successful breach of this level could pave the way for further gains, potentially pushing BTC toward the psychological $70,000 mark.</p><h3 id="market-sentiment-boosted-by-election-predictions">Market Sentiment Boosted by Election Predictions</h3><p>BTC&#39;s price surge is attributed, in part, to the growing likelihood of a Donald Trump victory in the upcoming U.S. presidential elections. Prediction sites like Polymarket, Kalshi, and PredictIt have indicated over a 60% chance of a Trump win, according to Jim Bianco of Bianco Research. These insights have led to a bullish sentiment in the cryptocurrency market, with traders positioning themselves for a potential price rally.</p><p>The impact of these predictions is especially visible in the BTC options market. Data from Deribit shows a significant leaning towards call options—contracts that bet on a price increase—over put options, which anticipate a decline. The put/call ratio (PCR) is currently at 0.55, signaling a bullish outlook among traders. This sentiment suggests that market participants are preparing for a scenario where BTC could surge as high as $80,000 if positive momentum continues.</p><h3 id="the-trump-effect-on-memecoins-and-broader-crypto-markets">The Trump Effect on Memecoins and Broader Crypto Markets</h3><p>Analysts believe that a Trump victory could have broader implications for various segments of the cryptocurrency market, particularly memecoins. According to Omid Malekan, a professor at Columbia Business School, memecoins have thrived as symbols of economic populism and rebellion against traditional financial norms. A shift toward regulatory clarity under a Trump administration could refocus the market on decentralized applications (DApps) and projects with strong fundamentals, potentially leading to a challenging environment for memecoins.</p><p>On the other hand, some experts argue that the popularity of memecoins is less about politics and more about market dynamics. Crypto trader Jordan Fish, known as “Cobie,” suggests that traders are drawn to the potential for rapid price gains, regardless of the regulatory environment. As such, the appeal of memecoins may persist even if the focus shifts to more conventional projects under a different regulatory landscape.</p><h3 id="harris-39-s-pro-crypto-stance-adds-to-the-optimism">Harris&#39;s Pro-Crypto Stance Adds to the Optimism</h3><p>Despite the focus on Trump, Democratic candidate Kamala Harris has also adopted a more crypto-friendly stance in her campaign. This bipartisan support for the crypto industry has contributed to a positive outlook for Bitcoin&#39;s price, with traders believing that the asset could reach new heights regardless of the election outcome.</p><p>A survey conducted by Coinbase found that a significant portion of crypto owners in swing states like Arizona, Michigan, and Pennsylvania are eager to vote for a candidate supportive of the crypto sector. This suggests that the community&#39;s preferences could play a crucial role in shaping the policy landscape for digital assets in the next administration.</p><h3 id="bitcoin-eyes-new-all-time-high">Bitcoin Eyes New All-Time High</h3><p>With the elections just days away, Bitcoin is trading at around $67,000, about 9% below its previous all-time high of $73,700. The market remains highly sensitive to political developments, with many traders closely watching the election results and their potential impact on the regulatory environment.</p><p>If the $68,750 resistance is cleared, analysts expect Bitcoin to test the $70,000 mark and potentially push toward $80,000 in the coming weeks. As both Trump and Harris present pro-crypto platforms, the anticipation of a favorable regulatory shift has set the stage for increased market activity and heightened interest in digital assets.</p><p>Whether it’s a continuation of Trump’s pro-Bitcoin rhetoric or Harris’s balanced approach to crypto regulation, the coming weeks could prove pivotal for Bitcoin’s journey toward a new ATH and the broader direction of the cryptocurrency market.</p>

Bitcoin Set to Soar? How Trump's Election Chances Could Push BTC to $80K!

Table of Contents

ICOGemHunters

Other articles published on Oct 28, 2024

Bitcoin Price Prediction: Will Price Soar to $72k Without Revisiting the $64k Support?

Ethereum-Based DeFi Protocol Ethena Labs Faces Scrutiny Over Alleged Crypto-Farming Manipulations

Vaneck: UAE, Argentina and Ethiopia begin state-backed Bitcoin mining

$NEIRO - PRICE ANALYSIS AND PREDICTIONS

Can a Crypto Newbie Make $300K from a $2K Investment in Meme Coins Over 180 Days?

Paxos Launches Yield Bearing Wrapped $USDL on Injective

Join our free newsletter for daily crypto updates!