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    Bitcoin headed for ‘perfect storm’ to new all-time high — Bitfinex

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    Crypto analysts at Bitfinex suggest Bitcoin could hit an all-time high in November due to factors like the U.S. presidential election, uncertainty about U.S. economics, and a typically bullish fourth quarter. The narrative linking a potential Trump victory with a surge in Bitcoin value has gained traction. At present, Bitcoin’s value is 3.4% away from the all-time high of $73,700 recorded in March. Analysts have noted an increase in BTC call options for late December, pointing to a potential surge in Bitcoin value following the election.

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    Crypto analysts at Bitfinex think there’s a chance that Bitcoin could hit an all-time high next month. They believe this could be due to a blend of factors including the approaching U.S. presidential election and prospects of Donald Trump winning, combined with a typically bullish fourth quarter.

    Even with all the political unrest happening and general uncertainty about U.S. economics, could a win for Trump on November 5th potentially give Bitcoin’s value a hearty boost? That’s what the analysts have put forth in an October 28th report. They observed Bitcoin’s price bouncing back strongly in anticipation of a potential Trump victory.

    At the time we wrote this, Bitcoin’s value had climbed to $71,086, a near 5% increase in just 24 hours according to CoinGecko data, which hasn’t been seen for around five months.

    With current trends, Bitcoin is just around 3.4% away from touching its all-time high value of $73,700, which happened in March this year.

    Bitfinex analysts are suggesting that a narrative that Trump’s path to victory could be linked to positive movement in cryptocurrency values has gained traction recently.

    At the moment, Trump is polling ahead of Kamala Harris by almost 30% on the decentralized betting platform Polymarket. However, Harris is a narrow 1.5% ahead of Trump in the national polls.

    Bitcoin’s surge is parallel with an all-time high in open interest, which hit $41.7 billion on October 29. This signifies a huge interest in having a stake in the asset, as shown by CoinGlass data.

    Analysts have also observed an increase in call options on BTC set for late December and, paired with the record open interest, there could be signs pointing towards a significant surge in Bitcoin value following the election. They believe this surge could potentially lead to Bitcoin’s value breaking past the all-time high of $73,800.

    Source: Cointelegraph

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