Featured Image from Unsplash.com, Chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
According to Bitfinex, Bitcoin (BTC) volatility is set to intensify over the next week. A \u201cpotent mix\u201d of geopolitical and macroeconomic factors has significantly influenced the flagship crypto’s performance, with anticipation for the outcome of the US election and Q4\u2019s close setting a potential target of $80,000 by year-end. Related Reading: Neiro Breaks Above Key Level Following 10% Weekly Drop, Is $0.0020 Next? Bitcoin Volatility About To Reach Its Peak Crypto exchange Bitfinex\u2019s recent report shared that Bitcoin\u2019s price could hit $80,000 by the end of the year due to a convergence of geopolitical uncertainty, macroeconomic factors, seasonality, and the increasing influence of the \u201cTrump Trade.\u201d The report noted that, historically, global macroeconomic trends and geopolitics events influenced BTC’s price. As a result, the largest cryptocurrency by market capitalization has seen its price movements driven by the anticipated US Presidential elections. The potential outcome of the elections, scheduled for next week, has affected Bitcoin\u2019s performance throughout the year. Both presidential candidates have acknowledged the crypto industry, with the Republican candidate Donald Trump becoming the sector\u2019s champion after fully embracing Bitcoin and crypto. Trump\u2019s pro-crypto stance increased the correlation between the Republican candidate\u2019s winning odds and Bitcoin\u2019s trajectory. \u00a0Moreover, the \u201cTrump Trade\u201d narrative reflects \u201cthe market\u2019s view of how BTC will fare dependent on the outcome of the election.\u201d Per the report, this narrative has fueled Bitcoin volatility, with the flagship crypto seeing sharp intra-week corrections before rebounding. Last week, BTC saw a 6.2% pullback toward the $65,000 support zone before reclaiming the $68,000 mark again. Bitfinex analysts consider that this pullback might be the first of several \u201cwhipsaw price movements\u201d ahead of the elections, affecting BTC\u2019s short-term price as speculation and volatility increase. Additionally, option premiums and estimated daily volatility for the US stock market and Bitcoin are projected to rise significantly next week. The report noted that BTC volatility will peak between November 6 and November 8, when the Election results are expected to be delivered. Reportedly, the highest implied volatility (IV) is for the November 8 strike price \u201creaching up to over 100 vol for strike prices over $100,000 for BTC.\u201d BTC Poised To Hit $80,000 In Late December The report noted that Bitcoin has shown strength despite the increasing volatility. The flagship crypto \u201chas remained resilient\u201d and held its ground compared to the September lows, surging around 30% from last month\u2019s drop. Additionally, BTC closed September, which has historically been a challenging month for the cryptocurrency, with a 7.29% increase, the highest closing for the month on record. The crypto exchange\u2019s report predicted that October\u2019s close could be \u201cless impressive\u201d due to the volatility. Nonetheless, Bitfinex analysts suggested that Q4\u2019s historically bullish seasonality will still favor a positive rally for BTC. Market positioning shows that end-of-year options have seen a considerable rise in call open interest over the last few weeks. Related Reading: Bitcoin Hash Ribbons Flash \u2018Buy\u2019 Signal: Analysts See New Highs On The Horizon BTC is expected to continue experiencing higher-than-average volatility and potentially see deep corrections in the coming days. But the market seems poised for a post-election surge above March\u2019s $73,666 all-time high (ATH). Lastly, call options with a December 27 expiry and an $80,000 strike price have seen a steady build-up, suggesting that this target could be in reach by year-end. As of this writing, BTC is trading at $71,197, a $3.4% increase in the daily timeframe. Featured Image from Unsplash.com, Chart from TradingView.com<\/p>\n","protected":false},"author":614,"featured_media":604954,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,6575,679,790,925,1119,78790,12307,10923,8480,92697,93296,4313],"class_list":["post-650570","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-options","tag-bitcoin-price","tag-bitcoin-volatility","tag-bitfinex","tag-btc","tag-btcusdt","tag-crypto-exchange","tag-crypto-market","tag-donald-trump","tag-kamala-harris","tag-trump-trade","tag-us-elections"],"acf":[],"yoast_head":"\n
Bitcoin Volatility To Peak By Nov. 8 As \u2018Trump Trade\u2019 Intensifies<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n