Bitfinex analysts suggest a “perfect storm” that could push Bitcoin to a new all-time high in the coming weeks as the leading cryptocurrency surges above $71,000.
Fueled by the possibility of a Trump victory in the upcoming U.S. presidential election and seasonally bullish market conditions, Bitcoin appears primed for significant gains, according to an Oct. 28 report from Bitfinex.
Analysts describe the current setup as unique, with the convergence of “election uncertainty, the ‘Trump trade’ narrative, and favorable Q4 seasonality” driving Bitcoin’s bullish momentum.
Bitcoin Price Rallies Above $71,000
Despite recent volatility fueled by geopolitical tensions and domestic economic challenges, Bitcoin’s price has rebounded, capitalizing on the prospect of a Trump win in the Nov. 5 election.
As of now, Bitcoin is trading at $70,900, up nearly 5% in 24 hours and close to the $73,700 high reached in March this year.
The report notes a growing “Trump trade” narrative, pointing out that a Trump win is increasingly seen as favorable for crypto assets, with many investors expecting reduced regulatory pressures.
The sentiment has led to heightened trading activity and increased confidence in the cryptocurrency market.
Trump is currently polling ahead of Vice President Kamala Harris by a notable margin on platforms like Polymarket, although national polls show a narrower race.
Further underscoring the optimism, Bitcoin’s open interest—a measure of outstanding contracts on futures exchanges—hit a record $41.7 billion on Oct. 29, signaling robust demand for leveraged positions.
Bitfinex analysts also observed a rise in call options targeting late December, indicating that traders are betting on a post-election rally that could propel Bitcoin well above its current highs.
The report concludes that if Bitcoin’s upward momentum holds, fueled by election dynamics and year-end positioning, the digital asset could soon break its previous all-time high of $73,800.
Trump’s Joe Rogan Interview Spurs Market Excitement
Trump’s interview on the Joe Rogan Experience podcast has racked up over 32 million views, pushing his Polymarket odds past 66%.
The growing momentum in Trump’s favor has ignited fresh speculation about how the election outcome could impact Bitcoin prices.
Dubbed the “Trump Trade,” Bitcoin’s price movements have correlated with Trump’s odds.
In a recent note, QCP said that at $27 billion, total BTC-PERP open interest is nearing this year’s high, suggesting market anticipation is high for a breakout.
For traders looking to capitalize on a potential post-election surge, QCP analysts suggest a BTC Call DIGI option (75k 8-NOV), offering a 4x payout if Bitcoin hits $75,000 in early November.
As reported, digital asset investment products have seen $27 billion in inflows year-to-date (YTD), nearly three times the previous record of $10.5 billion set in 2021.
Inflows in the past month alone amounted to $901 million, comprising 12% of the total assets under management (AUM) and marking one of the strongest months for digital assets to date.
Bitcoin dominated inflows with $920 million, though short-Bitcoin positions saw minor outflows of $1.3 million—a deviation from usual trends.
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