Analyst: The Trump trade and optimism in the derivatives market may help Bitcoin rise before the US election

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ODAILY
2 days ago
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Odaily Odaily News: In early trading on Tuesday, the price of Bitcoin rose from $69,000 to a current solid break above the $71,000 mark, indicating growing optimism among traders about the U.S. election in a week. Analysts point out that election-driven momentum, strong technical indicators and increased derivatives positions indicate that Bitcoin's price outlook will improve. In addition, the narrative of the "Trump trade" and favorable fourth-quarter seasonality have created a perfect storm for Bitcoin, and although prices may fluctuate before the election, there will still be an exciting period ahead. The options market also reflects the optimistic outlook for Bitcoin, with call options positioned that the price of Bitcoin, the largest digital asset by market value, could rise to more than $80,000 by the end of the year. (The Block)

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