The cryptocurrency market is showing signs of recovery as former U.S. President Donald Trump takes the lead in the presidential election polls. With Trump potentially winning the election, Bitcoin (BTC), the world’s largest cryptocurrency by market cap, has surged to $70,000 while breaking through a key resistance level.
With this significant upward movement, it seems that if Trump continues to lead in the polls, there is a high likelihood of BTC experiencing a substantial increase.
Bitcoin’s Bullish On-Chain Metrics
However, on-chain metrics indicate a strong bullish sentiment for Bitcoin. Coinglass, an on-chain analytics firm, reports that BTC’s Long/Short ratio is currently at 1.30, the highest since early November 2024. This significant increase suggests that bulls are currently in control of the asset.
Furthermore, BTC open interest has risen by 2.95% in the last 24 hours and continues to climb. This uptick in open interest suggests that traders are establishing new positions in anticipation of the election outcome.
Whale and Investor Activity
It seems that whales and investors are getting ready for the election results, as there has been a noticeable surge in their substantial transactions. According to IntoTheBlock, an on-chain analytics firm, the volume of large transactions by whales has spiked by 89.11% in the past 24 hours, signaling a bullish sentiment towards BTC.
Current Price Momentum
Currently, BTC is hovering around $69,855 and has seen a price increase of over 1.95% in the last 24 hours. Simultaneously, its trading volume has surged by 27%, indicating increased engagement from traders and investors during the election polling period.
A recent report from analysts at the private wealth management firm Bernstein suggests that if Trump secures victory in the election, Bitcoin could potentially reach $80,000 to $90,000. Conversely, they predict that a win for Kamala Harris could result in BTC dropping to around $50,000.
Considering the present sentiment and election polls, it seems likely that Trump will emerge victorious, leading to a potential new all-time high for BTC and other cryptocurrencies in the near future.
