- Bitcoin whales acquired 1,806 BTC worth $132M, signaling high confidence in crypto assets.
- Trump’s projected victory in swing states drives risk-on sentiment, boosting Bitcoin’s value.
- Analysts predict Bitcoin could reach $80,000 by 2024 as bullish sentiment persists.
New Bitcoin “whales,” investors holding substantial amounts, are accumulating Bitcoin following early reports of former President Donald Trump’s projected victory in the 2024 election. Over 1,806 BTC, valued at approximately $132 million, has been transferred across 11 newly created wallets, according to crypto analytics platform Lookonchain. These withdrawals from Binance, flagged on November 6, suggest rising confidence in Bitcoin amid Trump’s anticipated win.
Source: Lookonchain on X
Rising Bitcoin Demand and Potential Market Rally
Growing market interest has driven Bitcoin’s price to a record high of over $75,000, reflecting investor enthusiasm surrounding the election results. As Trump reportedly captured key states, including Pennsylvania, North Carolina, and Georgia, which he lost in 2020, investors appear increasingly drawn to Bitcoin and other risk-on assets.
Bitfinex analysts expect further upward momentum, predicting Bitcoin could reach $80,000 by year’s end. The surge is largely attributed to options market interest, with high open interest in end-of-year calls, particularly those with an $80,000 strike price.
Market Sentiment and Investor Outlook
Market sentiment remains firmly in the “greed” zone, with the Crypto Fear & Greed Index consistently above 70. This index, which aggregates crypto market sentiment, has steadily increased since early October as Trump’s odds of winning gained traction on the decentralized betting platform Polymarket. This shift in sentiment and recent gains in Bitcoin have positioned the asset with significant support at the $70,000 level, marking a critical point for continued price growth in the current cycle.
