- Bitcoin whales acquired 1,806 BTC worth $132M, signaling high confidence in crypto assets.
- Trumpâs projected victory in swing states drives risk-on sentiment, boosting Bitcoinâs value.
- Analysts predict Bitcoin could reach $80,000 by 2024 as bullish sentiment persists.
New Bitcoin âwhales,â investors holding substantial amounts, are accumulating Bitcoin following early reports of former President Donald Trumpâs 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 Trumpâs anticipated win.
Source: Lookonchain on X
Rising Bitcoin Demand and Potential Market Rally
Growing market interest has driven Bitcoinâs 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 yearâs 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 âgreedâ zone, with the Crypto Fear & Greed Index consistently above 70. This index, which aggregates crypto market sentiment, has steadily increased since early October as Trumpâs 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.
