BlockNews
  • Crypto
  • Finance
  • Politics
  • Memecoins
  • NFT
  • Technology
  • Opinion
No Result
View All Result
FOLLOW
BlockNews
  • Crypto
  • Finance
  • Politics
  • Memecoins
  • NFT
  • Technology
  • Opinion
No Result
View All Result
BlockNews

Bitcoin Open Interest Targets $80,000 by End of November, Here is Why it

by Sham
October 22, 2024
in Crypto, Politics
A A
Bitcoin Open Interest Targets $80,000 by End of November, Here is Why it
2
SHARES
Share on TwitterShare on Reddit
  • Bitcoin options traders expect BTC to reach $80,000 after the U.S. elections
  • There is speculation that Bitcoin’s price correlates with Donald Trump’s odds of winning the election
  • Bitcoin’s recent rally to $69,000 may have been driven by increased chances of a Trump victory

Donald Trump‘s increasing odds of winning the US presidential election are boosting speculation that the price of Bitcoin could reach $80,000.

Trump Victory Seen As Bullish for Bitcoin

  • Bitcoin briefly rallied to $69,000 last week, possibly driven by rising predictions of a Trump win.
  • According to analysts, market participants are buying more Bitcoin whenever Trump’s election odds improve.
  • Data from crypto exchange Deribit shows Bitcoin open interest for November call options is concentrated around $80,000.

Correlation Between Trump and Bitcoin

  • There appears to be increasing correlation between Bitcoin price action and Trump’s election odds.
  • The market is watching not just for Trump’s bullish sentiment, but also potential reforms he could make regarding crypto regulation and taxation.
  • While Bitcoin has maintained correlation with Republican victory odds, other markets like equities have been uncertain.

Trump’s Own Crypto Token Flops

  • Trump launched his own crypto token, WLFI, on October 16, but it failed to gain traction.
  • After the first day, only about $127 million of the tokens were sold, leaving $287 million unsold.

Bitcoin in Strong Position Regardless

  • According to analysts, Bitcoin is likely to perform well after the election regardless of who wins.
  • Currently 94% of the Bitcoin supply is in profit, with most purchased around $55,000.

Conclusion

The market is closely watching the US presidential election and its potential impact on Bitcoin. While Trump’s odds are improving, Bitcoin is well positioned for gains no matter the outcome. Key levels to watch are the current concentration of call options at $80,000 and the majority buy-in price around $55,000.

Tags: BitcoinCrypto RegulationDonald TrumpUS presidential electionWLFI
Tweet1ShareShare1

DON'T MISS THESE! HOT OFF THE PRESS

Bitcoin Nears $120K Prompting Apology from Top Analyst: Here is Their New Price Prediction
Bitcoin

Bitcoin Nears $120K Prompting Apology from Top Analyst: Here is Their New Price Prediction

May 8, 2025
Trump Blasts Fed Chair Powell as ‘FOOL’ Over Rate Decision: Is He Right?
Finance

Trump Blasts Fed Chair Powell as ‘FOOL’ Over Rate Decision: Is He Right?

May 8, 2025
Ethereum ETH Breaks $2,000: Here is The Next Price Level You Need to Watch
Crypto

Ethereum ETH Breaks $2,000: Here is The Next Price Level You Need to Watch

May 8, 2025
JRNY CLUB Announces $JRNY Token and EARN Platform
Breaking News

JRNY CLUB Announces $JRNY Token and EARN Platform

May 7, 2025
Everything You Need to Know About Doodles Upcoming DOOD Token
Crypto

Everything You Need to Know About Doodles Upcoming DOOD Token

May 7, 2025
Federal Reserve Holds Steady as Trump Tariffs Threaten Economic Stability: The Hard Truth Exposed
Finance

Federal Reserve Holds Steady as Trump Tariffs Threaten Economic Stability: The Hard Truth Exposed

May 7, 2025
Load More

Related News

Trump Blasts Fed Chair Powell as ‘FOOL’ Over Rate Decision: Is He Right?

Trump Blasts Fed Chair Powell as ‘FOOL’ Over Rate Decision: Is He Right?

May 8, 2025
Ethereum ETH Breaks $2,000: Here is The Next Price Level You Need to Watch

Ethereum ETH Breaks $2,000: Here is The Next Price Level You Need to Watch

May 8, 2025
JRNY CLUB Announces $JRNY Token and EARN Platform

JRNY CLUB Announces $JRNY Token and EARN Platform

May 7, 2025
Everything You Need to Know About Doodles Upcoming DOOD Token

Everything You Need to Know About Doodles Upcoming DOOD Token

May 7, 2025
Federal Reserve Holds Steady as Trump Tariffs Threaten Economic Stability: The Hard Truth Exposed

Federal Reserve Holds Steady as Trump Tariffs Threaten Economic Stability: The Hard Truth Exposed

May 7, 2025
Discord Twitter Youtube TikTok Instagram

BLOCKNEWS.COM

BlockNews

BlockNews.com is your premier source for real-time cryptocurrency, blockchain, and financial market news.

Our mission is to deliver accurate, timely, and insightful information to help both seasoned investors and newcomers navigate the evolving digital economy.

With in-depth analysis, exclusive insights, and up-to-date news, BlockNews.com keeps you informed on the latest trends in crypto, DeFi, NFTs, tech, and beyond.

Stay ahead of the herd with BlockNews.com

RESOURCES

  • About
  • Newsletter
  • Advertise
  • Terms and Conditions
  • Privacy Policy

POPULAR TOPICS

$ADA $XRP AI Avalanche Binance Bitcoin Bitcoin ETF blackrock Blockchain BTC Business Cardano China Coinbase crypto cryptocurrency Crypto Exchange Crypto Regulation DeFi Dogecoin Donald Trump Elon Musk ETF eth ethereum Federal Reserve FTX Gary Gensler grayscale Memecoin metaverse Microstrategy NFT NFTs PEPE ripple sec Shiba Inu Solana Stablecoin Technology twitter US Web3 xrp

GET QUICKER UPDATES ON X

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.

No Result
View All Result
  • Home
  • Crypto
  • Memecoins
  • Technology
  • Politics
  • Finance
  • NFT
  • DeFi
  • Opinion

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.