Bitcoin traders are optimistic that the cryptocurrency will reach new highs by the end of November, regardless of the outcome of the U.S. presidential election. Both Republican candidate Donald Trump and Democrat Kamala Harris have expressed some level of support for cryptocurrencies, with Trump seen as more bullish due to his pro-crypto stance. However, market experts believe that Bitcoin is poised to rise under either presidency due to various macroeconomic factors at play.
Some traders are betting on Bitcoin hitting $80,000, with options expiring in November showing a high open interest at the $75,000 strike price. This indicates a strong focus on this price level in the coming weeks. While some view this as a bullish outlook, others see it as more of an election hedge against broader market volatility.
Market data shows that Bitcoin is currently down 0.7% over the past 24 hours, outperforming a 1.6% drop in the broader cryptocurrency market. Despite this short-term dip, traders remain optimistic about Bitcoin’s long-term prospects, especially in light of the upcoming presidential election.
The implied volatility for Bitcoin options around election day is elevated, indicating increased interest and trading activity in the cryptocurrency market. Call options expiring in late November and December show significant open interest at key price levels, suggesting that traders expect Bitcoin to make significant moves in the coming months.
Overall, the sentiment in the cryptocurrency market remains positive, with traders and investors looking towards a potential bullish rally in Bitcoin. Whether Trump or Harris wins the election, the expectation is that Bitcoin will continue to rise and potentially surpass its previous all-time high. This optimism is supported by factors such as the first Fed rate cuts in four years and a recent uptick in stock prices, which could further boost Bitcoin’s price towards the $80,000 mark.