Bitcoin Soars to 73620 Approaching AllTime High
Bitcoin reached $73,620 last night, just a step away from this year’s three-year high of $73,777. As the U.S. presidential election approaches, Bitfinex analysts indicate that election-driven momentum, strong technical indicators, and an increase in derivatives positions all suggest an improving price outlook for Bitcoin.
Bitcoin is expected to continue to rise in the fourth quarter
Bitfinex analysts point out that the improvement in technical indicators, new capital inflows into Bitcoin spot ETFs, and broader macro factors—including speculation regarding a Trump election victory and the seasonal strengthening of the market in the fourth quarter—support the continued upward momentum of Bitcoin. The narrative of “Trump trades” and the seasonal rise in the fourth quarter create a perfect storm for Bitcoin, and although prices may fluctuate ahead of the election, an exciting period lies ahead.
The options market reflects a potential Bitcoin price of $80,000 by year-end
The options market is also reflecting Bitcoin’s positive outlook, with analysts noting that call options for a price of $80,000 on December 27 are becoming increasingly popular, indicating confidence in a rebound post-election. Bitcoin could surpass $80,000 by year-end. However, current implied volatility is high, suggesting that prices may experience fluctuations around the election date. Analysts further added that premiums on options expiring during the week of the U.S. election have increased, with implied volatility expected to peak shortly after November 5, indicating potential short-term turbulence. BitMEX founder Arthur Hayes recently published “Fuel Bitcoin,” discussing the time required for China’s QE, but maintaining an optimistic outlook for Bitcoin. The Standing Committee of the National People’s Congress of China is set to meet from November 4 to November 8, with expectations to approve more details on fiscal support.
Continued net inflows into Bitcoin spot ETFs
Bitcoin spot ETFs saw a net inflow of $480 million on Monday, marking the highest single-day inflow in two weeks. BlackRock’s IBIT, the largest Bitcoin spot ETF by net assets, has seen consecutive net inflows for 11 days. Overall, Bitcoin spot ETFs have had only one day of net outflow since October 11.
