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With Donald Trump projected to win the 2024 U.S. presidential election, Bitcoin is seeing a sharp rise in demand. Investor confidence in riskier assets, particularly Bitcoin, has surged. Recently, large-scale investors, or “whales,” have withdrawn over 1,806 BTC, worth $132 million, from Binance. This shift, flagged by Lookonchain on Nov. 6, points to a broader market optimism tied to Trump’s likely victory—something that aligns with the interests of Bitcoin supporters.
The market is cheering the current Trump wave and it seems a rally is on the horizon, let’s find out.
Get Ready for the Trump Wave
Market excitement over Trump’s projected win is growing, with many expecting a rally to follow. Reports from Decision Desk HQ and The Hill attribute Trump’s lead to victories in key swing states like Pennsylvania, North Carolina, and Georgia—states he lost in 2020.
With these states now in his favor, Trump’s path to victory seems more secure, and this has helped Bitcoin reach an all-time high of over $75,000 on Nov. 6. Bitcoin’s price rise seems to be closely following election sentiment, highlighting the connection between politics and Bitcoin’s movement.
Bitcoin’s Bullish Outlook: Is $80,000 Next?
Analysts are expecting more volatility in the months ahead, with many seeing it as a key factor for Bitcoin’s next major bull cycle. According to Bitfinex analysts, Bitcoin could hit $80,000 by the end of the year, driven by strong activity in the options market. There’s notable interest in call options expiring on Dec. 27, with an $80,000 strike price. This positioning suggests that investors are confident a Republican win could push Bitcoin to new heights.
Additionally, Bitcoin recently broke through the $70,000 mark, now viewed as a support level rather than resistance—another indicator of growing bullish sentiment.
Market Sentiment Turns Greedy
The Crypto Fear & Greed Index, which tracks market sentiment, has shifted into the “greed” zone, staying above 70 in recent days. This shift in sentiment mirrors Trump’s increasing lead on betting platforms, where his chances have improved steadily since early October. As Trump’s path to victory has become clearer, the index has risen from “fear” levels in October, signaling growing optimism among crypto investors.
Many now view a Republican win as a positive factor for Bitcoin’s future, which is helping drive the market’s bullish sentiment.
