In recent weeks, the cryptocurrency market has shown promising signs of recovery, with Bitcoin (BTC), the world’s largest cryptocurrency by market capitalization, reaching new highs. This resurgence coincides with former U.S. President Donald Trump leading the presidential election polls. As the election unfolds, speculation abounds regarding Bitcoin’s trajectory, especially with Trump as a potential victor. The flagship cryptocurrency has soared to an impressive $70,000, breaking through critical resistance levels.
Bitcoin’s Bullish On-Chain Metrics
On-chain metrics currently depict a strong bullish sentiment for Bitcoin. Data from the on-chain analytics firm Coinglass reveals that BTC’s Long/Short ratio has reached 1.30, marking its highest value since November 2024. This significant increase suggests a prevailing bullish dominance over the asset. Furthermore, Bitcoin’s open interest has climbed by 2.95% in the last 24 hours, continuing its upward trend. The rise in open interest indicates that traders are establishing new positions in anticipation of the election’s outcome.
Whale and Investor Activity
The behavior of whales and investors further underscores the market’s optimistic outlook. According to insights from the on-chain analytics firm IntoTheBlock, there has been an 89.11% surge in the volume of large transactions by whales over the past 24 hours. This surge suggests a robust bullish sentiment as market participants brace for the election results.
Current Price Momentum
Currently, Bitcoin is trading around $69,855, marking a price increase of over 1.95% in the past 24 hours. During this same timeframe, its trading volume has seen a 27% spike, reflecting increased engagement from traders and investors as election polling intensifies. Analysts from the private wealth management firm Bernstein have projected that if Trump secures the presidency, Bitcoin could ascend to between $80,000 and $90,000. Conversely, a victory for Kamala Harris might lead to a BTC drop to approximately $50,000.
As the current sentiment and polling data suggest a favorable outcome for Trump, the market may soon witness Bitcoin achieving a new all-time high. This potential surge could extend to other cryptocurrencies, further invigorating the digital asset landscape.
