Bitcoin Traders Bet on $80K Price Surge Amid Election Uncertainty

Traders are optimistic about Bitcoin reaching $80,000, regardless of whether Donald Trump or Kamala Harris wins the presidency, as both candidates have adopted pro-crypto stances.

As the countdown to the U.S. elections heats up, Bitcoin (BTC-USD) traders are rife with speculation. Recent trends show that traders are betting on Bitcoin hitting new highs, with options set to expire on November 8 revealing a strong interest in the $75,000 strike price, according to Bloomberg.

Traders Optimistic Regardless of Election Outcome

Many believe Bitcoin could climb significantly, regardless of whether Donald Trump or Kamala Harris wins the presidency. Traders have typically viewed a Trump victory as a boon for Bitcoin due to his pro-crypto rhetoric. However, some experts argue that market forces are more favorable than any political figure. “Both Presidential candidates have adopted pro-crypto stances,” said Jeff Mei, COO at BTSE, according to CoinDesk, showing shift in sentiment toward potential gains.

Market Dynamics Favor Bitcoin’s Rise

Interestingly, Bitcoin’s potential ascent to $80,000 is bolstered by broader macroeconomic factors, including the Federal Reserve’s anticipated rate cuts. “The fact that this coincides with the first Fed rate cuts in four years adds to the thesis that Bitcoin could surpass its all-time high,” Mei noted in a recent discussion with CoinDesk. Traders are also ramping up their options activity, indicating a bullish outlook. “BTC vol skews heavily in favor of higher prices post-election,” Augustine Fan from SOFA stated to CoinDesk, suggesting many view these moves as hedges against market volatility.

With all these elements in play, Bitcoin’s future looks brighter than ever. At the time of writing, Bitcoin is sitting at $66.353.67.