According to reports, options traders are increasing bets that Bitcoin will reach a record high of $80,000 by the end of November. This isn’t expected to be impacted by the winner of the upcoming US presidential election.
It was on Tuesday (October 22) when Bloomberg shared the news of the increasing bets despite November being a month of change in the United States.
“The implied volatility for Bitcoin options coming due around the Nov. 5 election day is elevated, with the wagers skewed toward call options that give the buyer the right to buy the cryptocurrency at new highs,” writes Bloomberg.
“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 crypto prime broker FalconX, in the report.
“Our analysis shows that options activity surrounding the upcoming elections exhibits a notable topside-heavy bias.”
While the November 5 election day could bring some volatility, there’s still a belief that Bitcoin will reach the record high by the end of the month.
Bitcoin bets increase, last record high was in March
The last all-time high was in March when Bitcoin reached $73,797, but it then retreated by more than 30% by early August. The coin has jumped around several times throughout the year.
While the election outcome isn’t thought to bring much change to the predicted high, the future President will have to tackle the world of cryptocurrency throughout their term of office.
The former President Donald Trump, who is the Republican candidate, has been very outspoken about his stance on crypto and he’s all for it. His family launched a cryptocurrency platform, called World Liberty Financial, in September.
He has also spoken about crypto several times throughout his campaign, often stating he aims to make the US the “global crypto capital.”
Vice President Kamala Harris has also spoken about crypto, as she told a fundraiser in September: “We will partner together to invest in America’s competitiveness, to invest in America’s future.
“We will encourage innovative technologies like AI and digital assets while protecting our consumers and investors.”
She added: “We will create a safe business environment with consistent and transparent rules of the road.”
Featured Image: AI-generated via Ideogram
