CandleFocus Traders could push Bitcoin to $80,000 in US election frenzy
2024-11-05
Author: Content Editor
Bitcoin has experienced significant price fluctuations since Kamala Harris announced her candidacy for the U.S. Presidential election in July 2024. Traders expect higher volatility around the election period. Prediction markets like Polymarket and Kalshi show bets in favor of former President Donald Trump winning the election. Trump has rallied support from crypto traders with his pro-crypto approach to regulation and plans for a national Bitcoin reserve. Vice President Harris has proposed a measured approach to cryptocurrency. Bitcoin's volatility has been on the rise since September 2024, and data from Deribit exchange suggests that the $60,000 to $80,000 range is of high interest to traders. Institutional investors have been withdrawing capital from Bitcoin, likely in preparation for post-election volatility. The price of Bitcoin may be impacted by the election outcome, but other factors such as inflation and global politics also play a role. The current Bitcoin rally is driven by institutional adoption rather than election outcomes.
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