Bitcoin is only 2% off from breaking its ATH, will it be $80k by election day?

Bitcoin’s massive price surge from $65,000 to over $73,000 has positioned it to smash the new all-time high in the ongoing rally. A nice pump can also be seen for major altcoins like Dogecoin (DOGE) and Cardano (ADA) which managed to break out from their resistance levels.

The global crypto market surged by another 2% over the last day to stand at $2.42 trillion. 24-hour trading volume spiked by 4.18% to hit $104.14 billion as the much anticipated 2024 US Presidential election closes in.

Bitcoin dominance rises

Bitcoin price soared to hit $73,544 before the rally took a little breather. BTC price is up by around 8% in the past 7 days, while it has gained over 13% in the last 30 days. This rally depicts the emerging sentiments among investors in the hectic election season.

BTC is trading at an average price of $72,421, at the press time which is just 2% down from its ATH of $73,750, recorded on March 14, 2024. Its 24-hour trading volume is running high at $53.3 billion with a 15% spike. Bitcoin’s market dominance is up to 58.75%.

BREAKING: #Bitcoin is now less than 2% away from hitting a new all time high. pic.twitter.com/csS6yc0IFj

— The Kobeissi Letter (@KobeissiLetter) October 29, 2024

Data provided by Coinglass shows that above $84 million worth of long and short bets set on BTC price liquidated in the past 24 hours. However, $65 million worth of liquidated bets (77%) turns out to be short positions. This suggests that traders were hoping for a downturn for the biggest digital asset after the bullish run but it didn’t work out.

BTC traders bet on $80K

Options markets are buzzing, with increased bets on BTC hitting $80K by November’s end, Election Day volatility peaking, and crypto-linked exchange-traded funds (ETFs) seeing $3.6 billion in inflows. 

With the US election closing in, some traders see Bitcoin as a “Trump trade” due to Donald Trump’s crypto-friendly stance. Prediction markets show Trump leading while polls point to a close race with VP Kamala Harris.

Trump promises to make the US a global crypto hub, while Harris supports a working regulatory framework. Both contrast sharply with Biden’s approach to crypto.

A massive inflow recorded in BTC ETFs is another factor responsible for the BTC price jump. Data shows that Bitcoin ETF registered a total net inflow of $870 million on October 29. It is the highest net inflow seen since June 5.

BlackRock’s ETF IBIT netted the highest net inflow for the day with $642.87 million. Its total historical net inflow reached $24.94 billion. Fidelity’s FBTC, too, had a good run with a daily net inflow of $133.86 million. Its total historical net inflow reached $10.55 billion.