Bitcoin (BTC) is poised for a potential surge to $80,000 in the coming weeks, according to traders, regardless of the outcome of the upcoming U.S. presidential election. Despite varying political stances on cryptocurrency between candidates Donald Trump and Kamala Harris, traders believe macroeconomic factors will drive Bitcoin to new heights.
Historically, Republican candidate Donald Trump has been viewed as a bullish catalyst for Bitcoin, thanks to his pro-crypto stance and rhetoric about making the U.S. a leader in the space. Meanwhile, Democrat Kamala Harris, while not as outspoken on cryptocurrency, has advocated for regulations to protect consumers. This difference in approach has led many to believe that a Republican victory would benefit Bitcoin more.
However, in a shift of sentiment, traders and analysts are now suggesting that Bitcoin’s upward momentum is likely to continue, regardless of who wins the election. “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,” said Jeff Mei, chief operating officer at crypto exchange BTSE, in a message to CoinDesk. “It is clear that the market is responding positively to the upcoming change in administration and policies – whether it’s Harris or Trump, traders and investors think any sort of change will be good.”
The optimism around Bitcoin’s price growth isn’t just about political shifts. The Federal Reserve’s anticipated rate cuts—its first in four years—coupled with a recent rally in stock markets, have bolstered confidence in Bitcoin’s potential to surpass its previous all-time high. “The fact that this coincides with the first Fed rate cuts in four years and a recent run-up in stock prices only adds to the thesis that Bitcoin could surpass its all-time high and reach $80,000,” Mei added.
Options traders are already betting big on Bitcoin hitting fresh highs, with call options for November 29 heavily concentrated at the $80,000 strike price. There’s also significant interest at $70,000 and even $100,000 levels for later expirations. Open interest for call options expiring on December 27 shows a strong belief that Bitcoin could hit $100,000 by the end of the year.
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However, not everyone sees this as a straightforward bullish signal. Augustine Fan, head of insights at SOFA, described the price behavior as more of an election hedge rather than a direct bet on Bitcoin’s rise. “I wouldn’t say that people buying 80K calls on BTC to be a bet on higher prices,” said Fan. “It’s more like a cheap option against a broader market rally.”
In any case, the combination of political shifts, economic conditions, and growing market speculation has traders eyeing Bitcoin’s potential to reach $80,000 and beyond, no matter the election result.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.