Bitcoin Surpasses $70,000 Amid Anticipation of Election Volatility
$71,000.
Bitcoin has surpassed $70K after several months, reaching this level for the first time since its all-time high in spring. A breakout is occurring just before the US election. Ledn’s John Glover indicates a need for a two-day close above $73,000 to anticipate further upward movement. If sustained, this could lead to a rapid ascent towards $80,000.
Glover previously suggested a potential move towards $87,000, but currently sees $100,000 as a possibility by the end of Q1 or early Q2 next year.
Volatility remains a concern. Analysts from Bitfinex note that option premiums and daily volatility for both the US stock market and bitcoin are expected to rise significantly around November 6-8, coinciding with election results. Bitcoin may experience heightened volatility due to its perception as the "Trump Trade," reflecting market sentiment on election outcomes.
A Kaiko report indicates that a sentiment shift observed in September might influence price movements shortly after the election.
The chart shows increased demand for call options and expectations of rising prices for the November 8 expiry. With only one week until the election, significant price action is anticipated.