Bitcoin which is the largest cryptocurrency in the world has recorded swinging price trends after Kamala Harris declare her presidential bid in July 2024. As the election ends, some experts believe Bitcoin price may reach $80,000 if certain events occur in the future of the market.
The digital asset tried to climb up to its previous record high of $73,738, on October 29, 2024, but it failed. Now, Bitcoin’s price is at 73K after the elections, and traders believe that there is more to come for Bitcoin price. After the election, some traders believe the Bitcoin price surge, which helped Bitcoin increase by $14K, may deliver the cryptocurrency to this elevated level to $80k. As discussed and analyzed in trading sites such as Polymarket and Kalshi, the current crypto traders have invested significantly in the contest.
Derivatives Data Suggests Price Range of $60,000 to $80,000
Information as of August and September from Deribit’s Bitcoin Volatility Index suggests that price volatility rises after the election. The volatility index that has been trending upward since the end of September points to increased uncertainty among traders. In the meantime, the data points to the BTCUSD oscillating within a range of $60,000-$80,000 as trading activity takes positions towards the change in market direction with respect to after the election results.
Apart from volatility, open interest in Bitcoin futures has also increased in the past few days. By the Deribit exchange statistics, the $60000 to $80000 area provides the highest open interest values, which means that both bulls and bears are ranging around this level. These, analysts say, are in tune with the market and any expectation of a big volatility after elections.
Farside Investors also move Bitcoin price exchange-traded fund (ETF) flows. For the third time since the previous days, on 4th November 2024 the investors withdrew more fund from Bitcoin ETFs, with a net outflow of $541.10 million. The move, according to the analyst, may be an oversettlement effect by institutional investors who may be expecting some turbulence in the market after this election period.
Technical Analysis Shows Bitcoin Primed for a New All-Time High
Since July, Bitcoin has soared high and low due to different election-related events that are happening around the world. On the TradingView BTC/USDT daily chart, it can be observed that Bitcoin tried to retest the previous all-time high after the proposal announcement by Senator Harris. Prices since the August 5 crash show Bitcoin in a short-term bullish structure, possessing higher highs and higher lows.
This is even after it had already hit the all-time high of $73,738, which traders consider a strong resistance level but if broken, several analysts are convinced that the digital currency is well on its way to hit $80,000. More to the point, a Trump win might contribute to this increase notably. The current president, Donald Trump, has used the campaign to promote crypto by supporting the idea of the country having a universal Bitcoin fund and also supporting the United States to be a leader in mining cryptocurrency. Some of his propositions have been good to the traders in the crypto space, hence pulling a positive crowd.
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The polling averages from the prediction market Kalshi put Trump at a 56.8% chance of winning, while Harris is at 43.2%. Some of the traders see Trump’s victory as a possibility of having an influence on the Bitcoin price because of Trump’s pro-crypto stance.
Ryan Lee opining his views as the Chief Analyst of Research at Bitget said, “The election outcome could indeed have an impact on the market sentiment; however, there are long-term drivers too such as policies on inflation and investment in which Bitcoin plays its part.”
Experts Believed Bitcoin Price Remains Undervalued
Although the Bitcoin has recently been very unpredictable to many traders, some of it’s proponents still insist that the Bitcoin is undervalued as an asset. Previously, the Bitcoin price has risen sharply with increased acceptance by institutions and better political conditions. For instance, the recent application to approve a Bitcoin spot exchange traded fund by BlackRock earlier this year led to a massive influx of fund into the market.
While trading Bitcoin ETFs on October 30 when probability of Trump’s victory increased to 67% detailed influx of money amounted to $893.3 million proving institutional investors confidence. This surge placed Bitcoin price right around $69,000, only about 10% from its peak. As now it’s touching to $73k again after Trump’s win.
Last on the list and the CEO of 10x Research, Markus Thielen, had this to say on the matter, “So, it can rightly be said that the participation of these institutions is still the fundamental generator of the value of Bitcoin.” Short-term movements can be influenced by such factors as political changes but the real increases come from increased recognition, such as the case with ETF approvals.
Bitcoin Price After Trump’s Win
The basic sentiment of Bitcoin traders and institutional investors alike is to anticipate a more intense stock movement after thr Election Day. In fact the trading volume flagging at a potential $80 000, traders are optimistic but not complacent since the elections may result in either a boost or a decline. Although some analysts see the figure of $80,000 as possible with the help of a friendly administration, others believe that it is as much about the macroeconomic plans that determine the value thesis.
After the elections results, traders are keenly observing Bitcoin price fluctuations and their readiness to make a move based on the moods in this segment increases. Whether it’s a rally to new heights or a period of uncertainty, one thing is clear: the latest election mania has put Bitcoin price in the most important place of participants of the financial market. Keep following TheBITJournal and keep an eye on Bitcoin price.
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The price predictions and financial analysis presented on this website are for informational purposes only and do not constitute financial, investment, or trading advice. While we strive to provide accurate and up-to-date information, the volatile nature of cryptocurrency markets means that prices can fluctuate significantly and unpredictably.
You should conduct your own research and consult with a qualified financial advisor before making any investment decisions. The Bit Journal does not guarantee the accuracy, completeness, or reliability of any information provided in the price predictions, and we will not be held liable for any losses incurred as a result of relying on this information.
Investing in cryptocurrencies carries risks, including the risk of significant losses. Always invest responsibly and within your means.
