Donald Trump

Bitcoin

President Donald Trump

<p>The cryptocurrency market appears to be recovering as former U.S. President Donald Trump leads the presidential election polls. Amid the ongoing election, with Trump as a potential winner, Bitcoin (BTC), the world’s largest cryptocurrency by market cap, has reached $70,000 while breaching the crucial resistance level.</p>  
<p>Given the notable upside rally, it appears that if Trump continues to lead in the election polls there is a high possibility that BTC will experience a significant rise.</p>  
<figure class="wp-block-image aligncenter size-large is-resized"><a href="https://image.coinpedia.org/wp-content/uploads/2024/11/05223304/BTCUSDT_2024-11-05_22-32-54.png" rel="noopener noreferrer nofollow"><img src="https://image.coinpedia.org/wp-content/uploads/2024/11/05223304/BTCUSDT_2024-11-05_22-32-54-1024x448.png" alt="" class="wp-image-376301" style="width: 100%;height:auto"></a>
 <figcaption class="wp-element-caption">
  Source: Trading View
 </figcaption>
</figure>  
<h2 class="wp-block-heading" id="h-bitcoin-s-bullish-on-chain-metrics">Bitcoin's Bullish On-Chain Metrics<strong>&nbsp;</strong></h2>  
<p>However, on-chain metrics suggest a strong bullish sentiment for Bitcoin. According to the on-chain analytics firm Coinglass, BTC’s Long/Short ratio currently stands at 1.30, the highest since the beginning of November 2024. This notable increase indicates that bulls are currently dominating the asset.</p>  
<figure class="wp-block-image size-large"><a href="https://image.coinpedia.org/wp-content/uploads/2024/11/05223350/kfnvnfvkfdmvklfmdv.png" rel="noopener noreferrer nofollow"><img src="https://image.coinpedia.org/wp-content/uploads/2024/11/05223350/kfnvnfvkfdmvklfmdv-1024x263.png" alt="" class="wp-image-376302"></a>
 <figcaption class="wp-element-caption">
  Source: Coinglass
 </figcaption>
</figure>  
<p>Additionally, BTC <a href="https://www.coinglass.com/BitcoinOpenInterest" target="_blank" rel="noopener noreferrer nofollow">open interest</a> has soared by 2.95% in the past 24 hours and has been steadily rising. This increase in open interest suggests that traders are forming new positions in anticipation of the election results.</p>  
<h2 class="wp-block-heading" id="h-whale-and-investor-activity">Whale and Investor Activity</h2>  
<p>Besides this, it appears that whales and investors are preparing for the election results, as their significant transactions have surged notably. According to the on-chain analytics firm IntoTheBlock, the volume of large transactions by whales has increased by 89.11% over the last 24 hours, indicating a bullish outlook for BTC.</p>  
<h3 class="wp-block-heading" id="h-current-price-momentum">Current Price Momentum&nbsp;</h3>  
<p>As of now, BTC is trading near $69,855 and has experienced a price surge of over 1.95% in the past 24 hours. During the same period, its trading volume jumped 27%, indicating heightened participation from traders and investors amid election polling.</p>  
<h3 class="wp-block-heading" id="h-price-prediction-commentary">Price Prediction Commentary</h3>  
<p>Recently, analysts at the private wealth management firm <a href="https://coinpedia.org/news/bernstein-predicts-bitcoins-rise-to-200000-regardless-of-election-result/" rel="noopener noreferrer nofollow">Bernstein</a> shared a report stating that if Trump wins the election, Bitcoin could reach $80,000 to $90,000. Conversely, they noted that if Kamala Harris wins, BTC could drop to around $50,000.</p>  
<p>However, given the current sentiment and election polling, it appears that Trump is likely to win, and we may soon witness BTC reaching a new all-time high along with other cryptocurrencies.</p>

Bitcoin Ready for Pump? On-Chain Insights Amid U.S. Election Polls

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