The cryptocurrency market is seeing signs of recovery as former U.S. President Donald Trump leads in presidential election polls. Amidst this election fervor, Bitcoin (BTC), the world’s largest cryptocurrency by market capitalization, has impressively surged to $70,000, breaking through a critical resistance level. This remarkable price movement suggests that if Trump continues to dominate the polls, Bitcoin may witness an even more substantial rise.
Bitcoin’s Bullish On-Chain Metrics
Recent on-chain metrics reveal a robust bullish sentiment surrounding Bitcoin. According to Coinglass, a leading on-chain analytics firm, Bitcoin’s Long/Short ratio has reached 1.30, marking the highest level since early November 2024. This significant increase highlights the prevailing dominance of bullish traders in the market.
Moreover, Bitcoin’s open interest has surged by 2.95% in the last 24 hours and continues to climb steadily. This trend of rising open interest indicates that traders are actively establishing new positions, anticipating potential outcomes from the election.
Whale and Investor Activity
In addition to these metrics, the activity of whales and large investors is noteworthy. According to data from IntoTheBlock, the volume of substantial transactions conducted by whales has skyrocketed by 89.11% in the past 24 hours. This surge in significant transactions signals a bullish outlook for Bitcoin, as influential market players are preparing for election results.
Current Price Momentum
At present, Bitcoin is trading close to $69,855 and has experienced a price increase of over 1.95% in the last 24 hours. During this period, trading volume also rose by 27%, reflecting heightened participation from both traders and investors amid the election polling dynamics.
In a recent report, analysts from Bernstein, a private wealth management firm, projected that if Trump wins the election, Bitcoin’s price could soar to between $80,000 and $90,000. Conversely, they cautioned that a victory for Kamala Harris might result in a drop to around $50,000 for Bitcoin.
Considering the current sentiment and polling trends, it seems increasingly likely that Trump may secure a win, potentially propelling Bitcoin and other cryptocurrencies to new all-time highs.
