Bitcoin Option Traders Eye Surge Ahead of US Elections
Bitcoin Options– QCP Capital analysts have observed that derivatives traders are placing substantial long positions in Bitcoin options with a $67,000 strike price, set to expire at the end of July. According to the analysts, dealers are heavily invested in these July 26 options, indicating a strong market expectation for a Bitcoin breakout as the US elections approach.
Additionally, the analysts noted a noticeable institutional interest in Bitcoin options for December 2024, specifically $100,000 calls. This trend suggests growing confidence in a potential year-end rally, especially as the likelihood of a Trump victory increases.
Analysts Predict Bitcoin Boost from Possible Trump Victory
Analysts are forecasting a Bitcoin rally leading up to and following the U.S. presidential elections in November, particularly if Donald Trump emerges victorious. Geoffrey Kendrick, head of forex and digital assets research at Standard Chartered Bank, views Trump as bitcoin-positive. In a report from early July, Kendrick highlighted a strong correlation between Trump’s electoral prospects and Bitcoin’s price, suggesting that under Trump’s leadership, both regulatory policies and mining conditions would likely be more favorable for Bitcoin.
Kendrick also mentioned that if Joe Biden remains in the race, Bitcoin could present an excellent buying opportunity. He reaffirmed his year-end price target of $150,000 for Bitcoin and his end-of-2025 forecast of $200,000. Kendrick pointed out that a $150,000 Bitcoin price by the end of 2024 would place it in the $3 trillion market cap club, alongside NVIDIA, which recently reached a $3 trillion market cap.
For the latest in crypto updates, keep tabs on Crypto Data Space.
Leave a comment