Bitfinex analysts predict a “perfect storm” that could drive Bitcoin to unprecedented highs as the cryptocurrency breaks through the $71,000 threshold. An Oct. 28 report highlights factors such as election-related momentum, market seasonality, and the potential impact of a Trump victory in the upcoming U.S. presidential race, which they believe could push Bitcoin to new peaks.
Bitcoin’s Rally Breaks $71,000 Barrier
Following recent market turbulence influenced by geopolitical and domestic economic shifts, Bitcoin’s price has rebounded, with current trading levels hovering around $70,900—up almost 5% in just 24 hours. Bitfinex analysts describe a rising “Trump trade” narrative, with the possibility of Trump’s return driving investor interest due to expectations of lighter regulatory pressures on crypto assets. This sentiment has bolstered trading activity and confidence in the cryptocurrency sector.
While current national polls show a tight race, Trump maintains a notable lead over Vice President Kamala Harris on platforms like Polymarket, fueling market anticipation. Bitcoin’s open interest on futures exchanges has also surged to a record $41.7 billion as of Oct. 29, reflecting robust demand for leveraged positions, and a rise in call options targeting December suggests that traders are betting on a post-election Bitcoin rally.
‘Trump Trade’ Buzz Grows After Joe Rogan Interview
Adding to the excitement, Trump’s interview on the Joe Rogan Experience has garnered over 32 million views, driving his Polymarket odds above 66% and sparking further speculation about the election’s impact on Bitcoin’s trajectory. Analysts note that Bitcoin’s price seems to correlate with Trump’s rising odds, a trend dubbed the “Trump Trade.”
QCP Capital, a major crypto trading firm, notes that Bitcoin’s total open interest is nearing its yearly high at $27 billion, signaling high anticipation of a potential breakout. They recommend a BTC Call DIGI option (75k 8-NOV) to traders, with a projected 4x payout if Bitcoin hits $75,000 in early November.
Record-Breaking Inflows Reflect Strong Demand for Digital Assets
Digital asset investment products have recorded $27 billion in inflows year-to-date (YTD), marking a near tripling of the previous record of $10.5 billion in 2021. The past month saw inflows of $901 million, accounting for 12% of total assets under management (AUM) and establishing one of the strongest months on record for digital assets. Bitcoin led inflows with $920 million, while short-Bitcoin positions saw a minor outflow of $1.3 million, signaling bullish sentiment across the board.
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