Some investors are betting on bitcoins as the U.S. presidential elections trend favoring former President Donald Trump. Recently, people have started expecting Trump to emerge as the winner, which has caused ‘whales’ to continue to stack up on Bitcoin.
The figures obtained from Lookonchain show that Bitcoin whales have purchased more than 1,806 BTC, equivalent to about $132 million, in 11 fresh wallets. The withdrawals were identified on Nov. 6 out of Binance, the largest CEX in terms of trading volume. These large withdrawals point to confidence in Bitcoin’s future prospects further still during Trump’s prospective third term in the Oval Office.
Indeed, investor sentiment for risk-on assets like Bitcoin has been peaking sharply as polls, reinforced by projections, suggest that Trump will clinch the aforementioned swing states. According to The Hill and Decision Desk HQ, Trump won militarily after regaining so-called swing states such as Pennsylvania, North Carolina, and Georgia, which lost in November.
Bitcoin Rises above $ 75000, Investors Expects Higher Increase Soon.
Higher demand for investments is evidenced by Bitcoin, which set a new record of more than $ 75,000 on November 6. This cause can be attributed to the early trickle of election results, which pointed to a trump win, which the market can see.
Although the presidential election results are suspected of increasing price fluctuations during the following periods, most industry analysts view this as the beginning of further movement within the bull market cycle. Some recent price actions, such as Bitcoin and others, have given some reasons to be positive because it was able to hold at $70K. This is a psychological level that posed as resistance in the past.
Tesla’s price buoyancy after the election has inspired people to expect more from Bitcoin. In particular, Bitfinix analysts expect Bitcoin to rise to $80K by the end of 2024, supported by the vigorous options market and the possibility of Republicans’ win. The average market structure is considered more favorable, and we may most probably continue the bullish trend in the ongoing financial year.
The improving outlook is also reflected in the overall sentiment of the cryptocurrency markets. The Crypto Fear & Greed Index, which helps define market sentiment, has again stayed above 70 levels for several weeks, signaling a greedy zone. The index stood at 32, meaning “fear,” on Oct. 11, but it has risen since then, following Trump’s rising odds on Polymarket betting.
Polymarket’s October 12th poll indicated that Trump was ahead by over 10 points, a strong indication of the shift in sentiments that has continued to propel market sentiments.
Unfortunately, the Bitcoin whales are buying the coins more and more, while the overall crypto market is still positive about the future in case Trump gets into the White House. As Bitcoin surpassed $10,000 and experts foresee even further growth soon, the market prepares for the next round of increase shortly.
This news is republished from another source. You can check the original article here
