Bloomberg reports that options traders are ramping up bets on Bitcoin’s rise to a record high of $80,000 by the end of November, regardless of who wins the US presidential election.
Options
Volatility for BTC options expiring around Election Day on November 5 is elevated, with bets shifting toward call options that give the right to buy the cryptocurrency at new highs.
“I believe the market consensus is that Bitcoin is likely to perform well regardless of the election outcome,” said David Lavant, head of research at FalconX. “Our analysis shows that options activity shows a noticeable upward shift ahead of the upcoming election.”
Election impact
Republican candidate and former president Donald Trump has been openly supporting cryptocurrencies to the point that bitcoin is seen as a so-called “Trump bet.” Meanwhile, Kamala Harris has pledged to support a regulatory framework for the industry. This contrasts with the market suppression under the Biden administration. Non-political factors, such as further rate cuts by the Federal Reserve, also contribute to optimism.
Bitcoin hit a record high of $73,737 in March 2024.
