{"id":51910,"date":"2024-10-30T01:33:00","date_gmt":"2024-10-30T01:33:00","guid":{"rendered":"https:\/\/cointelegraph.com\/news\/bitcoin-price-action-gearing-up-for-a-perfect-storm-to-new-ath-bitfinex"},"modified":"2024-10-30T04:12:06","modified_gmt":"2024-10-30T04:12:06","slug":"bitcoin-headed-for-perfect-storm-to-new-all-time-high-bitfinex","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=51910","title":{"rendered":"Bitcoin headed for \u2018perfect storm\u2019 to new all-time high ?"},"content":{"rendered":"

Donald Trump\u2019s chances of winning the presidential election, combined with historically bullish market conditions could be the \u201cperfect storm\u201d of price action that could push Bitcoin to an all-time high next month, analysts from crypto exchange Bitfinex said.<\/p>\n

\u201cThe convergence of election uncertainty, the \u2018Trump trade\u2019 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.\u201d<\/p><\/blockquote>\n

In an Oct. 28 market report, Bitfinex analysts said that despite Bitcoin (BTC) seeing outsized volatility from geopolitical unrest in the Middle East and other macroeconomic issues in the US, the anticipation of a potential Trump victory in the Nov. 5 election has seen its price rebound sharply.<\/p>\n

At the time of publication, Bitcoin was changing hands for $71,086, up 4.9% in the last 24 hours, per CoinGecko data, the highest in nearly five months.<\/p>\n

\"\"
Bitcoin has rallied nearly 5% in the last 24 hours. Source: CoinGekco<\/em><\/p>\n<\/figcaption><\/figure>\n

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.<\/p>\n

Explaining Bitcoin\u2019s recent strength, analysts noted an intensifying \u201cTrump trade\u201d narrative, saying the correlation between upward price action for the crypto market and a Trump victory on Nov. 5 had increased significantly.<\/p>\n

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.<\/p>\n

\"\"
Trump leads Harris by nearly 33% on Polymarket. Source: Polymarket<\/em><\/p>\n<\/figcaption><\/figure>\n

Related: <\/strong><\/em>Bitcoin hits $70K amid huge ETF inflow streak<\/strong><\/em><\/p>\n

Bitcoin\u2019s upward move has come amid record open interest, reaching an all-time high of $41.7 billion on Oct. 29, reflecting a massive appetite for leveraged exposure to the asset, per CoinGlass data.<\/p>\n

\"\"
Bitcoin notched a new ATH open interest of $41.7 billion on Oct. 29. Source: CoinGlass<\/em><\/p>\n<\/figcaption><\/figure>\n

Bitifnex analysts also noted a steady build-up in call options on BTC for late December.<\/p>\n

Combined with record open interest, they said the market is showing signs of positioning for a \u201cpost-election surge\u201d that could propel Bitcoin beyond its all-time high of $73,800 following the election.<\/p>\n

AI Eye: <\/strong><\/em>Insane Satoshi podcast created in seconds, Crypto + AI outperform memecoins<\/strong><\/em><\/p>\n

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\"\"<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Donald Trump\u2019s chances of winning the presidential election, combined with historically bullish market conditions could be the \u201cperfect storm\u201d of price action that could push Bitcoin to an all-time high next month, analysts from crypto … Bitcoin headed for \u2018perfect storm\u2019 to new all-time high ?<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":51914,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5651],"tags":[139,3544,3812,5652,10,159,97],"class_list":["post-51910","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptonews","tag-bitcoin","tag-bitcoin-news","tag-cryptonews","tag-emilynews","tag-hyip","tag-hyipnews","tag-hyips","exalt-entry"],"yoast_head":"\nBitcoin headed for \u2018perfect storm\u2019 to new all-time high ? - EmilyNews<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/emilynews.com\/blog\/?p=51910\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin headed for \u2018perfect storm\u2019 to new all-time high ? 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