Bitcoin headed for ‘perfect storm’ to new all-time high — Bitfinex
Bitfinex analysts say Bitcoin could reach a new all-time high following the US election, with market conditions forming a “perfect storm” for a major price push.
Donald Trump’s chances of winning the presidential election, combined with historically bullish market conditions could be the “perfect storm” of price action that could push Bitcoin to a new all-time high next month, say analysts from crypto exchange Bitfinex.
“The convergence of election uncertainty, the ‘Trump trade’ narrative, and favorable Q4 seasonality create a perfect storm for Bitcoin, promising an exciting period ahead regardless of noisy price movements heading into the election in two weeks’ time.”
In an Oct. 28 market report, Bitfinex analysts said that despite Bitcoin seeing outsized volatility from geopolitical unrest in the Middle East and other macroeconomic issues in the US, the anticipation for a potential Trump victory in the Nov. 5 election had seen its price rebound sharply.
At the time of publication, Bitcoin is changing hands for $71,086 up 4.9% in the last 24 hours, per CoinGecko data, the highest in nearly five months.
At current prices, Bitcoin is only a 3.4% move away from reclaiming its all-time high of $73,700 which it notched in March this year.
Get to know Godleak
Godleak crypto signal is a service which provide profitable crypto and forex signals. Godleak tried to provide you signals of best crypto channels in the world.
It means that you don’t need to buy individual crypto signal vip channels that have expensive prices. We bought all for you and provide you the signals with bot on telegram without even a second of delay.
Godleak crypto leak service have multiple advantages in comparision with other services:
- Providing signal of +160 best crypto vip channels in the world
- Using high tech bot to forward signals
- Without even a second of delay
- Joining in +160 separated channels on telegram
- 1 month, 3 months , 6 months and yearly plans
- Also we have trial to test our services before you pay for anything
For joining Godleak and get more information about us only need to follow godleak bot on telegram and can have access to our free vip channels. click on link bellow and press start button to see all features
Join for Free
☟☟☟☟☟
https://t.me/Godleakbot
Also you can check the list of available vip signal channels in the bot. by pressing Channels button.
Explaining Bitcoin’s recent strength, analysts noted an intensifying “Trump trade” narrative, saying the correlation between upward price action for the crypto market and a Trump victory on Nov. 5 had increased significantly.
Trump currently leads Kamala Harris by a margin of 30% on the decentralized betting platform Polymarket, while Harris leads Trump by 1.5% in the national polls, according to 583 polling data.
Bitcoin’s upward move has come amid record open interest, reaching a new all-time high of $41.7 billion on Oct. 29, reflecting a massive appetite for leveraged exposure to the asset, per CoinGlass data.
Bitifnex analysts also noted a steady build-up in call options on BTC for late December.
Combined with record open interest, they said the market is showing signs of positioning for a “post-election surge” that could propel Bitcoin beyond its all-time high of $73,800 following the election.
