30s Summary

Bitcoin’s recent surge past $73,000, nicknamed the “Trump trade”, reflects hopes for a potential Trump win in the upcoming US elections and his supportive stance towards crypto. Further optimism comes from a 15% increase in Bitcoin’s price this October, continuing investments in Bitcoin ETFs worth $23.3 billion since January, and technical data predicting a possible significant rise. Erik Finman, Bitcoin millionaire, speculates Bitcoin could reach $100,000 in Trump’s second term. Despite Bitcoin’s rising value, the market isn’t showing signs of overheating.

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There’s a lot of buzz around Bitcoin right now; a lot of it coming from the excitement for the upcoming US elections. Also, Bitcoin exchange-traded funds (ETFs) are seeing a ton of investment and other technical and onchain info point towards Bitcoin hitting new records.

People are also calling Bitcoin’s recent surge past $73,000 the “Trump trade” because optimism is growing among crypto enthusiasts that Trump could win again. Trump has been playing up to the crypto industry, appearing at the Bitcoin Conference in Nashville a few months ago, and making promises about US-held Bitcoin. Harris, on the other hand, hasn’t said much of anything about crypto; although, some people speculate she’ll be more relaxed about it than Biden.

At the time of writing, Trump is in the lead in betting markets for the November 5 election, but it’s anybody’s game really. If Trump wins, well-known Bitcoin teenager millionaire Erik Finman thinks it could push the US into a pro-crypto environment and seriously boost investment in the crypto markets. He even said, “If Trump wins, I think Bitcoin could hit $100,000 during his second term.”

Also, Bitcoin’s price has already jumped almost 15% this October, which adds to the positive momentum.

Investments in Bitcoin ETFs aren’t slowing down either, with roughly $23.3 billion invested since they launched on January 11. Other ETFs like BlackRock’s IBIT are also seeing a boost in investment as people’s interest in Bitcoin grows. Over the past week, roughly $2.1 billion was invested in Bitcoin ETFs. So, there’s a lot of positivity, with the market generally agreeing that increases in investment could push Bitcoin’s value even higher.

Interestingly, recent Bitcoin value increases haven’t caused a bunch of profit-taking, suggesting the market isn’t overheating, which is a good sign for more growth.

Finally, Bitcoin technical data is suggesting a potential breakout. Bitcoin recently got within $200 of its all-time highs and is now showing a rounded bottom chart pattern. If it can close above a certain level, it could be a sign of a more substantial upward move that could potentially send Bitcoin all the way up to $91,362.

So, all that to say, there’s a lot of positivity around Bitcoin right now and all signs point towards it potentially hitting new all-time highs. As always with investing, there’s risk involved, so do your own research before making any moves.

Source: Cointelegraph