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<p>Bitcoin has been on a remarkable rally, surging from $65,000 to over $73,000, placing it within reach of its all-time high (ATH) of $73,750. Major altcoins like Dogecoin (DOGE) and Cardano (ADA) are following suit, breaking past resistance levels and adding to the excitement in the crypto market.</p><p>With the <a href="https://icogemhunters.com/u-s-election-countdown-will-bitcoin-hit-80k-amid-election-chaos/" rel="noopener noreferrer nofollow">U.S. presidential election</a> just around the corner, the global crypto market has jumped another 2% in the past 24 hours to $2.42 trillion. This surge, accompanied by a 4.18% rise in 24-hour trading volume to $104.14 billion, reflects growing optimism among investors. Bitcoin’s market dominance has climbed to an impressive 58.75%, positioning it as the center of this historic rally.</p><h3 id="bitcoin-bulls-eye-80k">Bitcoin Bulls Eye $80K</h3><p>Currently trading at $72,421, Bitcoin is a mere 2% away from breaking its ATH, creating strong momentum for a potential record-breaking rally. Despite some traders expecting a pullback, the short-term outlook remains bullish: $65 million worth of short positions were liquidated in the past 24 hours alone, underscoring strong upward momentum as longs continue to dominate the market.</p><h3 id="election-influence-the-trump-trade">Election Influence: The “Trump Trade”</h3><p>With the 2024 election approaching, many traders are viewing Bitcoin as a “<a href="https://www.bloomberg.com/opinion/articles/2024-10-30/trump-trades-bitcoin-is-boss-bonds-at-a-loss" rel="noopener noreferrer nofollow">Trump trade</a>,” fueled by the former president’s pro-crypto stance and his promise to position the U.S. as a global leader in the crypto space. Current prediction markets give Trump a slight edge, while polls indicate a tight race against VP Kamala Harris. In contrast, Harris promotes regulatory clarity for crypto, standing in stark opposition to the Biden administration’s cautious approach.</p><h3 id="bitcoin-etf-boom-record-inflows">Bitcoin ETF Boom: Record Inflows</h3><p>The latest boost in BTC price also stems from surging <a href="https://www.etf.com/etfanalytics/etf-fund-flows-tool" rel="noopener noreferrer nofollow">ETF inflows</a>. On October 29 alone, Bitcoin ETFs saw an unprecedented $870 million in net inflows—the largest since June 5. BlackRock’s IBIT fund led the way with a daily inflow of $642.87 million, bringing its total inflow to nearly $25 billion, followed by Fidelity’s FBTC, which saw $133.86 million in inflows. The options market has also become a hotspot, with $80K calls for Bitcoin gaining traction as Election Day approaches.</p><p>The current bull flag breakout on Bitcoin’s chart suggests that a new ATH might just be days away, possibly setting the stage for <a href="https://icogemhunters.com/bitcoin-set-to-soar-how-trumps-election-chances-could-push-btc-to-80k/" rel="noopener noreferrer nofollow">BTC</a> to hit $80,000 by the end of November. With robust investor interest, ETF inflows, and political momentum, Bitcoin’s long-awaited journey to a six-figure valuation might be closer than ever.</p><p><em><strong>Disclaimer:</strong> This article is intended for informational purposes only and should not be construed as legal, tax, investment, financial, or any other form of advice.</em></p><p><em>Source: </em><a href="https://icogemhunters.com/bitcoin-nears-ath-can-it-soar-to-80k-by-election-day/" rel="noopener noreferrer nofollow">ICO Gem Hunters</a></p>

Bitcoin Nears ATH: Can It Soar to $80K by Election Day?

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