- Bitcoin options traders expect BTC to reach $80,000 after the U.S. elections
- There is speculation that Bitcoin’s price correlates with Donald Trump’s odds of winning the election
- Bitcoin’s recent rally to $69,000 may have been driven by increased chances of a Trump victory
Donald Trump‘s increasing odds of winning the US presidential election are boosting speculation that the price of Bitcoin could reach $80,000.
Trump Victory Seen As Bullish for Bitcoin
- Bitcoin briefly rallied to $69,000 last week, possibly driven by rising predictions of a Trump win.
- According to analysts, market participants are buying more Bitcoin whenever Trump’s election odds improve.
- Data from crypto exchange Deribit shows Bitcoin open interest for November call options is concentrated around $80,000.
Correlation Between Trump and Bitcoin
- There appears to be increasing correlation between Bitcoin price action and Trump’s election odds.
- The market is watching not just for Trump’s bullish sentiment, but also potential reforms he could make regarding crypto regulation and taxation.
- While Bitcoin has maintained correlation with Republican victory odds, other markets like equities have been uncertain.
Trump’s Own Crypto Token Flops
- Trump launched his own crypto token, WLFI, on October 16, but it failed to gain traction.
- After the first day, only about $127 million of the tokens were sold, leaving $287 million unsold.
Bitcoin in Strong Position Regardless
- According to analysts, Bitcoin is likely to perform well after the election regardless of who wins.
- Currently 94% of the Bitcoin supply is in profit, with most purchased around $55,000.
Conclusion
The market is closely watching the US presidential election and its potential impact on Bitcoin. While Trump’s odds are improving, Bitcoin is well positioned for gains no matter the outcome. Key levels to watch are the current concentration of call options at $80,000 and the majority buy-in price around $55,000.
