The cryptocurrency market is showing signs of recovery as former U.S. President Donald Trump gains traction in the presidential election polls. With Trump as a possible frontrunner, Bitcoin (BTC), the largest cryptocurrency by market capitalization, has impressively surged to $70,000, breaking through a critical resistance level.
The current upward momentum suggests that if Trump continues to lead in the polls, there is a strong likelihood that Bitcoin will experience further significant gains.
Bitcoin’s Bullish On-Chain Metrics
On-chain metrics are aligning with this optimistic outlook for Bitcoin. Notably, the analytics firm Coinglass reports that BTC’s Long/Short ratio has reached 1.30, marking the highest point since early November 2024. This substantial increase signifies that bullish sentiment is prevailing among market participants.
Furthermore, BTC’s open interest has seen a rise of 2.95% over the past 24 hours and continues to climb steadily. This upward trend in open interest indicates that traders are actively positioning themselves in anticipation of the election outcomes.
Whale and Investor Activity
The activity among whales and investors further underscores the market’s anticipation of the election results. According to the analytics firm IntoTheBlock, the volume of large transactions by whales has surged by an impressive 89.11% within the last 24 hours, signaling a bullish perspective for Bitcoin.
Current Price Momentum
Currently, Bitcoin is trading near $69,855, having experienced a price increase of over 1.95% in the past 24 hours. During this period, its trading volume has jumped by 27%, reflecting heightened engagement from traders and investors as election polling continues.
Analysts from the private wealth management firm Bernstein have recently released a report suggesting that if Trump secures a win, Bitcoin could escalate to between $80,000 and $90,000. Conversely, they predict that a victory for Kamala Harris might result in Bitcoin dropping to around $50,000.
However, given the prevailing sentiment and current polling data, it appears that Trump is poised for victory, which may propel Bitcoin to a new all-time high, potentially setting the stage for further growth in the cryptocurrency realm.
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