New Bitcoin 'whales', or investors holding large amounts of the asset, appear to be accumulating this cryptocurrency ahead of the possibility of former President Donald Trump winning the 2024 election.
Whales have bought and withdrawn over 1,806 Bitcoin (BTC) worth more than $132 million from 11 newly created cryptocurrency wallets.
Withdrawals from Binance, the world's largest centralized exchange, have been flagged by the cryptocurrency intelligence platform Lookonchain in a post on November 6.
Whale wallets have withdrawn $132 million in BTC. Source: Lookonchain
Investor appetite for risky assets like Bitcoin is increasing, as Trump is predicted to win the election on November 5.
Multiple sources, including The Hill and Decision Desk HQ, have declared Trump the winner after he secured key battleground states such as Pennsylvania, North Carolina, and Georgia, states he lost in 2020.
Bitcoin could reach an all-time high of $80,000 after the election — Analysts
Reflecting increasing investor sentiment, Bitcoin reached an all-time high of over $75,000 on November 6 as traders continued to accumulate ahead of preliminary election results showing Trump in the lead.
BTC/USD Chart, 1 day. Source: TinTucBitcoin
Although price volatility is expected to rise after the election results, some analysts view this as necessary for the next growth phase in the bull cycle.
Notably, Bitfinex analysts predict a Bitcoin rally to $80,000 by the end of 2024, driven by the options market structure and the likelihood of a Republican victory in the presidential election. Analysts told TinTucBitcoin:
The options market arrangement indicates that over the past few weeks, end-of-year options have seen a significant increase in buying interest. The expiration date is December 27, and options with a strike price of $80,000 are key areas of interest.
Daily BTC volume during the US election period. Source: Standard Chartered Research, Bitfinex
Adding to its bright outlook, Bitcoin has turned the $70,000 level, a key resistance, into support, which had previously been a major obstacle for long-term price action.
The cryptocurrency market sentiment remains 'greedy'.
Demonstrating increasing appetite for cryptocurrency assets due to the Republican party's potential victory, the Cryptocurrency Fear & Greed Index remains stable above 70, signaling 'greed', according to data from alternative.me.
Cryptocurrency Fear & Greed Index. Source: alternative.me
This index is a multi-factor measure of cryptocurrency market sentiment. The index began rising from a level of 32, or 'fear', on October 11, shortly after Trump gained a lead in the top decentralized betting market, Polymarket.
Odds on Polymarket shifted in favor of Trump on October 4, marking a strong reversal from September. By October 12, Trump was leading by over 10 points, according to a report by TinTucBitcoin.
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