According to CoinDesk: Bitcoin (BTC) is expected to surpass its previous all-time high and reach $80,000 by the end of November, regardless of the outcome of the U.S. presidential election, according to crypto traders. Historically, traders have seen Republican Donald Trumpâs pro-crypto stance as a bullish factor for Bitcoin, while Kamala Harris has focused more on regulatory frameworks. However, market participants believe that a change in administration, combined with macroeconomic factors, could drive BTC higher regardless of the election winner.
Options Traders Eye $80K Bitcoin Post-Election
Bloomberg data shows that crypto options traders are increasingly betting on fresh highs for Bitcoin, with open interest in options expiring on November 29 concentrated at the $80,000 strike price. This suggests a significant focus on BTC hitting that price level by the end of the month. Furthermore, options set to expire on November 8, just days after the election, show their highest open interest at the $75,000 strike price.
Jeff Mei, COO of crypto exchange BTSE, commented on the political landscape, saying, "Both Presidential candidates have adopted pro-crypto stances to appeal to voters, but it's tough to say if any of their promises will come to pass." He emphasized that Bitcoin's bullish outlook is being supported by broader macroeconomic trends, including the first Federal Reserve rate cuts in four years and rising stock prices.
Election Hedge or Bullish Bet?
While some view this price activity as a bullish sign, others suggest it's more of a hedge against broader market movements post-election. Augustine Fan, head of insights at SOFA, noted that the increased bets on BTC reaching $80,000 are not necessarily pure bets on higher prices, but rather "cheap options" against a potential market rally.
Bitcoin has seen steady gains in recent weeks, coming close to $70,000 before pulling back slightly. The cryptocurrency has outperformed other major assets like Dogecoin (DOGE) and XRP, which led recent market losses amid profit-taking.
Market Outlook: $80K in Sight
With U.S. elections and broader macroeconomic factors driving sentiment, many traders believe that Bitcoin's current momentum could push it beyond $70,000 and even toward $80,000 in the coming weeks. As of now, BTC is trading down 0.7% over the past 24 hours, outperforming the broader crypto market.
Key Points:
Bitcoin options traders are betting on BTC reaching $80,000 by the end of November.
Both Donald Trump and Kamala Harris have been perceived as pro-crypto, adding to Bitcoin's bullish outlook post-election.
Broader macroeconomic factors, including Federal Reserve rate cuts, are supporting Bitcoinâs rally.
While some view the price activity as bullish, others suggest itâs an election hedge against broader market volatility.
Bitcoin's price trajectory remains closely tied to the upcoming U.S. elections, with traders optimistic about a potential breakout to new all-time highs.
