Satoshi

bullish

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Donald Trump’s chances of winning the presidential election, combined with historically bullish market conditions could be the “perfect storm” of price action that could push Bitcoin to an all-time high next month, analysts from crypto exchange Bitfinex said.&nbsp;
<blockquote>
 “The convergence of election uncertainty, the ‘Trump trade’ narrative, and favorable Q4 seasonality create a perfect storm for Bitcoin, promising an exciting period ahead regardless of noisy price movements heading into the election in two weeks' time.”
</blockquote>
In an Oct. 28 market <a data-ct-non-breakable="null" href="https://blog.bitfinex.com/bitfinex-alpha/bitfinex-alpha-volatility-incoming/" rel="null" target="null" text="null" title="null">report</a>, Bitfinex analysts said that despite Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="null" target="null" text="null" title="null">BTC</a>) seeing outsized volatility from geopolitical unrest in the Middle East and other macroeconomic issues in the US, the anticipation of a potential Trump victory in the Nov. 5 election has seen its price rebound sharply.&nbsp;
At the time of publication, Bitcoin was changing hands for $71,086, up 4.9% in the last 24 hours, per CoinGecko <a data-ct-non-breakable="null" href="https://www.coingecko.com/en/coins/bitcoin%5C" rel="null" target="null" text="null" title="null">data</a>, the highest in nearly five months.
<figure>
 <img alt="Bitcoin headed for ‘perfect storm’ to new all-time high — Bitfinex" src="https://s3.cointelegraph.com/uploads/2024-10/0192d683-ac1d-7b05-92c1-2bebc7cb436e" title="">
 <figcaption style="text-align: center;">
 Bitcoin has rallied nearly 5% in the last 24 hours. Source: CoinGekco
 </figcaption>
</figure>
At current prices, Bitcoin is only a 3.4% move away from reclaiming its all-time high of $73,700, which it notched in March this year.
Explaining <a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/bitcoin-for-beginners" rel="null" target="null" text="null" title="null">Bitcoin</a>’s recent strength, analysts noted an intensifying “Trump trade” narrative, saying the correlation between upward price action for the <a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/what-is-a-cryptocurrency-a-beginners-guide-to-digital-money" rel="null" target="null" text="null" title="null">crypto market</a> and a <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/trump-win-bad-news-memecoins-professor" rel="null" target="null" text="null" title="null">Trump victory</a> on Nov. 5 had increased significantly.
Trump currently <a data-ct-non-breakable="null" href="https://polymarket.com/event/presidential-election-winner-2024" rel="null" target="null" text="null" title="null">leads</a> Kamala Harris by a margin of 30% on the decentralized betting platform Polymarket, while Harris leads Trump by 1.5% in the national polls, according to 583 polling <a data-ct-non-breakable="null" href="https://projects.fivethirtyeight.com/polls/president-general/2024/national/" rel="null" target="null" text="null" title="null">data</a>.&nbsp;
<figure>
 <img alt="Bitcoin headed for ‘perfect storm’ to new all-time high — Bitfinex" src="https://s3.cointelegraph.com/uploads/2024-10/0192d684-07ed-7cac-968b-4528aa1201ce" title="">
 <figcaption style="text-align: center;">
 Trump leads Harris by nearly 33% on Polymarket. Source: Polymarket
 </figcaption>
</figure>
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-hits-70-k-after-etfs-notch-six-day-inflow-streak" rel="null" target="null" text="null" title="null">Bitcoin hits $70K amid huge ETF inflow streak</a>
Bitcoin’s upward move has come amid record open interest, reaching an all-time high of $41.7 billion on Oct. 29, reflecting a massive appetite for leveraged exposure to the asset, per CoinGlass <a data-ct-non-breakable="null" href="https://www.coinglass.com/BitcoinOpenInterest" rel="null" target="null" text="null" title="null">data</a>.&nbsp;
<figure>
 <img alt="Bitcoin headed for ‘perfect storm’ to new all-time high — Bitfinex" src="https://s3.cointelegraph.com/uploads/2024-10/0192d684-8be9-767e-9c10-6871706fbde2" title="">
 <figcaption style="text-align: center;">
 Bitcoin notched a new ATH open interest of $41.7 billion on Oct. 29. Source: CoinGlass
 </figcaption>
</figure>
Bitifnex analysts also noted a steady build-up in call options on BTC for late December.&nbsp;
Combined with record open interest, they said the market is showing signs of positioning for a “post-election surge” that could propel Bitcoin beyond its all-time high of $73,800 following the election.&nbsp;
AI Eye: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/insane-satoshi-podcast-created-in-seconds-crypto-ai-outperform-memecoins-ai-eye/" rel="null" target="null" text="null" title="null">Insane Satoshi podcast created in seconds, Crypto + AI outperform memecoins</a>

Bitcoin headed for ‘perfect storm’ to new all-time high — Bitfinex

Cointelegraph

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