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Traders Bet Bitcoin Hits $80K Regardless of Election Outcome
Some investors foresee bullish market momentum for BTC that defies politics.
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Some traders see price rallying into the election as a sign that investors believe that a change in administration, no matter the administration, will be beneficial to the market, CoinDesk reports.
What's the scoop?
- $80K Targeted: Open interest for calls expiring November 29 and December 27 concentrates at $80K, with a small amount of traders also eyeing $100K by year-end.
- Options Interest as Election Hedge: Options expiring on November 8 have the highest open interest at a $75K strike price, but some traders see these high-price options as a hedge against the election, rather than a purely bullish outlook.
- Macro Factors: Rate cuts starting a new easing cycle, and stock price rising, add momentum for a potential price surge.
Bankless Take:
While bipartisan pro-crypto signals may boost optimism, this doesn’t guarantee the election will bring substantial crypto policy changes. Instead, traders are looking to rate cuts and a fresh administration as more immediate and concrete catalysts, with the call options indicating many traders expect BTC to ride a macroeconomic wave through election season. While many believe a Republican win would be more favorable, traders seem prepared for Bitcoin’s upside regardless, with onchain metrics reinforcing a bullish outlook.