Bitfinex analyst says Bitcoin is headed for a new ATH (all-time high) due to just the right market conditions and its ‘perfect storm’.
Analysts from Bitfinex believe that Bitcoin may hit an all-time high following the U.S. election, citing current market conditions as a “perfect storm” for significant price movement.
According to the analysts, Donald Trump’s potential victory in the presidential election, coupled with historically bullish market trends, could create an ideal environment for Bitcoin’s price to surge next month.
They stated, “The combination of election uncertainty, the ‘Trump trade’ narrative, and favorable Q4 seasonality creates the perfect storm for Bitcoin, setting the stage for an exciting period ahead, despite any volatile price movements leading up to the election in two weeks.”
In their October 28 market report, Bitfinex analysts highlighted that Bitcoin has shown resilience despite experiencing significant volatility due to geopolitical tensions in the Middle East and various macroeconomic factors in the U.S.
They noted that anticipation surrounding a possible Trump win on November 5 has contributed to a sharp rebound in Bitcoin’s price.
The analysts emphasized the growing “Trump trade” narrative, indicating that the correlation between Bitcoin’s upward movement and a potential Trump victory has strengthened considerably.
Currently, Trump is leading Kamala Harris by 30% on the decentralized betting platform Polymarket, while national polls show Harris ahead by just 1.5%, based on data from 583 polls.
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Bitcoin’s recent price increase has coincided with record open interest, which reached an all-time high of $41.7 billion on October 29, reflecting a strong demand for leveraged exposure to the cryptocurrency, according to CoinGlass data.
Additionally, Bitfinex analysts pointed out a consistent rise in call options for BTC set for late December.
With this record open interest, the analysts suggest that the market is positioning itself for a “post-election surge,” which could push Bitcoin beyond its previous all-time high of $73,800 after the election.
Bitcoin (BTC) is currently trading at $72,303.22 at the time of this writing.
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Also Read: Analyst Now Gives Bitcoin A Massive Price Target of $300K-$500K
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An analyst now gives Bitcoin a massive price target of $300K-$500K based on its halving prediction, which may occur by the end of the year.
A well-known crypto analyst believes that the cryptocurrency market is on the brink of a major rally, forecasting that Bitcoin (BTC) could hit a staggering six-figure price.
In a recent strategy session, crypto trader Michaël van de Poppe shared with his 733,700 followers on the social media platform X that if they subscribe to the theory of BTC’s halving cycles, the leading cryptocurrency could soar to between $300,000 and $500,000 by the end of the year.
He stated, “It’s about time for the markets to go vertical.
If you believe in the four-year halving cycle, then we’re very close.
Whether it happens in November or December doesn’t matter—the outcome will be the same: Bitcoin to $300,000-$500,000.”
According to van de Poppe’s analysis, Bitcoin has experienced only a small portion of the growth typically seen during halving years, indicating substantial potential for further gains if it follows historical patterns.
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Bitcoin undergoes a halving event every four years, which reduces miners’ rewards by half.
The most recent halving took place earlier this year.
Van de Poppe noted that after Bitcoin recently dipped to around $65,000, it is now in a consolidation phase that could lead to a rally starting as soon as next week.
He explained, “After the dip toward the $65,000 area, we should see consolidation followed by a breakout. I anticipate that yields will start to fall soon again, which would lift the markets.”
His projections suggest that Bitcoin could surpass $71,000 sometime in November before consolidating and then taking off again.
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Also Read: Analyst Now Predicts A Massive Solana Rally To $4,500
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