With Donald Trump projected to win the 2024 U.S. presidential election, investor appetite for risk-on assets, especially Bitcoin, has surged. Recently, Bitcoin “whales,” or large-scale investors, have shown significant interest, acquiring and withdrawing over 1,806 BTC, valued at $132 million, from Binance. This shift, flagged by Lookonchain on Nov. 6, indicates a broader market sentiment of optimism tied to Trump’s likely victory, which appeals to Bitcoin advocates.
The market is cheering the current Trump wave and it seems rally is on the horizon, let’s find out.
Swing States Boost Trump’s Projections, Fuel Bitcoin Rally
Reports from Decision Desk HQ and The Hill have attributed Trump’s projected win to his victories in critical swing states, including Pennsylvania, North Carolina, and Georgia—states he had lost in 2020. With these wins, Trump appears to be back on track, and the news has led Bitcoin to hit an all-time high of over $75,000 on Nov. 6, showcasing how Bitcoin price action is mimicking election sentiment. Analysts anticipate continued volatility post-election, viewing it as a catalyst for the next Bitcoin bull cycle.
Path to $80,000? Analysts See Potential for Record High
Bitfinex analysts suggest Bitcoin may rally to $80,000 before the year’s end, citing options market positioning, with notable interest in call options set to expire on Dec. 27 at an $80,000 strike price. This strong market positioning reflects investor confidence in a Republican victory pushing Bitcoin to unprecedented levels. Adding to this, Bitcoin recently surpassed the key psychological barrier of $70,000, now viewed as a significant support level rather than resistance, which strengthens its bullish outlook.
Market Sentiment Turns Greedy with Crypto Fear & Greed Index
The crypto market’s sentiment has been steadily leaning toward “greed,” with the Crypto Fear & Greed Index hovering above 70. This shift aligns with Trump’s recent gains on betting platforms, which have seen him surpass his opponent since early October. As Trump’s lead became more apparent, the index climbed from “fear” levels in October, reflecting heightened optimism among crypto investors who see a Republican win as beneficial for Bitcoin’s continued growth.
