As the US presidential election approaches, the Bitcoin price has found a stable support range between $68,000 and $69,000, just shy of its all-time high earlier this year.
While the cryptocurrency has struggled to surpass this significant milestone, investor sentiment remains cautiously optimistic, with expectations for further price increases tempered by anticipated market volatility in the upcoming hours.
Bitcoin Price Expected To Swing 8% Post-Election
The options market indicates the Bitcoin price could see price swings of approximately 8% in either direction following the election, a notable increase compared to the typical 2% fluctuations seen on regular trading days.
Caroline Mauron, co-founder of Orbit Markets, a crypto derivatives liquidity provider, noted that “no significant volatility premium is priced in after Nov. 7,” suggesting the market anticipates a relatively swift resolution to the election results.
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The election pits Republican nominee and former President Donald Trump against Democratic Vice President Kamala Harris, with both candidates eliciting varied responses from the crypto community.
Trump’s favorable stance towards cryptocurrencies has positioned Bitcoin as part of the so-called “Trump trades,” especially in light of the regulatory crackdown experienced under President Joe Biden.
As Trump’s odds have fluctuated in betting markets, the Bitcoin price has mirrored these changes, briefly nearing record highs before retreating as polls indicate a tightly contested race.
The options market reflects a balanced sentiment, with an even distribution of bearish and bullish positions throughout October, indicating that traders are preparing for upward and downward movements as the election draws near.
Data from the Deribit exchange suggests a potential trading range of $60,000 to $80,000 for the Bitcoin price in the weeks following the election, based on peak open interest in options contracts.
Path To $100,000 Remains Viable
Crypto analyst Miles Deutscher has also shared his view on social media, positing that a Trump victory could lead to an immediate Bitcoin price surge, potentially establishing a new all-time high this year.
Conversely, the analyst suggests that a win for Harris might result in a price drop, delaying any new highs until Q1 2025. Regardless of the election outcome, Deutscher remains confident that Bitcoin will reach $100,000.
Market expert Patric…
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