According to ChainCatcher news, The Block reported that on Tuesday morning, the price of Bitcoin rose from $69,000 to currently firmly break through the $71,000 mark, indicating that traders' optimism about the US election a week later is increasingly high.
Analysts pointed out that the improvement in technical indicators, the inflow of funds into the spot Bitcoin ETF, and the broader macroeconomic factors (including speculation on Trump's victory and the seasonal strength of the fourth-quarter market) have supported the continued upward trajectory of Bitcoin.
Bitfinex analysts said that the narrative of the "Trump trade" and the favorable seasonal factors of the fourth quarter have created a perfect storm for Bitcoin, and although there may be volatility in the price before the election, an exciting period is still to come in the future.
The options market also reflects an optimistic outlook for Bitcoin, with the positioning of call options indicating that the price of Bitcoin, the largest digital asset by market capitalization, may rise to over $80,000 before the end of the year.
