As a seasoned analyst with a decade of experience in the cryptocurrency market, I have learned to read between the lines and interpret the subtle signals that often drive the price action of digital assets like Bitcoin (BTC). The recent surge in whale activity, as reported by Lookonchain, is indeed intriguing. It’s not every day we see such a significant accumulation of BTC, especially in anticipation of a political event like the 2024 presidential election.
It seems that new Bitcoin investors with substantial holdings are amassing the cryptocurrency, possibly in expectation of Donald Trump’s triumph in the 2024 presidential election.
11 new digital wallets for whales have been set up, holding a total of 1,806 Bitcoins, which amounts to approximately $132 million in today’s value.
According to a recent post on November 6th, transactions withdrawn from the world’s biggest centralized cryptocurrency exchange, Binance, were highlighted by the crypto analysis platform, Lookonchain.
As an analyst, I’ve noticed a surge in investor interest towards riskier assets such as Bitcoin, given the projections that Donald Trump will secure another term as President, following the November 5th election.
Various outlets such as The Hill and Decision Desk HQ are reporting that Trump has emerged victorious due to his successful capture of crucial swing states like Pennsylvania, North Carolina, and Georgia – states that he previously lost in the 2020 election.
Bitcoin to $80,000 all-time high post-election — Analysts
Demonstrating increasing optimism among investors, Bitcoin reached a fresh record peak of more than $75,000 on November 6, with traders steadily buying up as the initial election results indicated a lead for Donald Trump.
Anticipating a surge in market fluctuations following the election outcomes, certain analysts view this turbulence as a crucial step towards the next phase of the bull market’s growth.
Significantly, analysts at Bitfinex anticipate that the price of Bitcoin could surge to $80,000 or more by the close of 2024. This projection is based on the structure of the options market and the possibility of a Republican candidate winning the presidential election. They shared this insight with CryptoMoon.
“Options market positioning indicates that over the past few weeks, end-of-year options have seen a significant rise in call open interest. The Dec. 27 expiry and calls with an $80,000 strike price have been the primary areas of interest.”
Not only is Bitcoin’s optimistic trend continuing, but it has successfully transformed the significant $70,000 psychological barrier from resistance to support. This barrier was once a formidable obstacle in Bitcoin’s long-term price movement.
Crypto market sentiment remains “greedy”
As the possibility of a Republican win increases, there’s a rising interest in cryptocurrencies, as indicated by the Crypto Fear & Greed Index consistently staying above 70, which equates to “greed” and suggests heightened enthusiasm for crypto assets based on data from alternative.me.
The index is a multifactorial measure of crypto market sentiment. The index started rising from 32, or “fear,” on Oct. 11, shortly after Trump gained a lead on the leading decentralized betting market, Polymarket.
On October 4th, the odds at Polymarket switched in Donald Trump’s favor, signifying a significant turnaround from the preceding month. By the 12th of October, Trump had taken a lead of more than 10 points, as reported by CryptoMoon.
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2024-11-06 13:14