With US Presidential Election Approaching, Bitcoin Options Market Shows Strong Bullish Sentiment, Targeting $80,000?As the US presidential election draws near, the Bitcoin options market is exhibiting a strong bullish sentiment. According to data from Deribit, the largest crypto options exchange, the ratio of Bitcoin put options to call options has been trending downwards, indicating that more traders are purchasing call options than put options
With US Presidential Election Approaching, Bitcoin Options Market Shows Strong Bullish Sentiment, Targeting $80,000?
As the US presidential election draws near, the Bitcoin options market is exhibiting a strong bullish sentiment. According to data from Deribit, the largest crypto options exchange, the ratio of Bitcoin put options to call options has been trending downwards, indicating that more traders are purchasing call options than put options. Notably, open interest for call options expiring on November 29th is concentrated at a strike price of $80,000, suggesting market expectations for Bitcoin to hit a new all-time high by the end of November.
The options market pricing suggests that Bitcoin is likely to benefit regardless of who wins the US presidential election. Trump has been a vocal supporter of cryptocurrencies, leading to Bitcoin being seen as a "Trump trade," while Harris has vowed to support a regulatory framework for the industry, contrasting with the current Biden administration's crackdown on the sector.
I believe the market consensus is that Bitcoin is likely to perform well regardless of the election outcome, said David Lawant, head of research at major crypto brokerage FalconX, to Bloomberg.
In March of this year, Bitcoin reached an all-time high of $73,798 before entering a correction phase. As of now, Bitcoin is trading at $67,328, up approximately 60% year-to-date.
It's crucial to note that while the market holds an optimistic view of Bitcoin's price prospects, investors should remain cautious. The cryptocurrency market is highly volatile, with high investment risks. Before making any investment decisions, investors should carefully assess their risk tolerance and consult with professionals.
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