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Bitcoin Could Rally to $80,000 on the Eve of US Elections

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Bitcoin has experienced wild price swings since Vice President Kamala Harris announced her candidacy for the U.S. Presidential election in July 2024.

The largest cryptocurrency attempted to test its previous all-time high of $73,738 on Oct. 29, 2024, with no success. Traders expect higher volatility closer to elections and in the aftermath of the event. Crypto prediction markets like Polymarket and Kalshi provide insight into crypto traders’ views. 

Polymarket sees about $3.21 billion in trading volume as participants wager on the winner of the November elections. Harris’ opponent, former U.S. President Donald Trump, is a clear favorite, with 61.1% bets in his favor, on Polymarket.

Traders could push Bitcoin to $80,000 in US election frenzy - 1
Presidential election Winner 2024 bets on Polymarket | Source: Polymarket.com

Kalshi, a prediction market regulated by the U.S. Commodity Futures Trading Commission places the odds of Trump’s win at 56.8% against Harris’ 43.2%. The betting contract has drawn $234.98 million as of November 5, 2024. 

Traders could push Bitcoin to $80,000 in US election frenzy - 2
Kalshi betting contract on “Who will win the Presidential Election?” | Source: Kalshi.com

The efficacy of betting markets in predicting a winner in the election remains debatable, however it sheds light on the sentiment among crypto traders. 

Trump rallied crypto traders’ support with his pro-crypto approach to regulation, and speech at the Nashville Bitcoin Conference. The former U.S. President shared his plans for a national Bitcoin reserve and proposed making the States a world leader in BTC mining. The former President’s plan is that the U.S. will hold 100% of the Bitcoin in its possession. 

Harris’ “Opportunity Agenda for Black Men” is a proposal that reflects the Vice President’s stance on crypto, while much detail is left out, it points at a measured approach to the asset class. 

U.S. markets won’t be open late on Tuesday, as states tally votes, however crypto is a major exception and a Trump win could push Bitcoin closer to the $80,000 level according to data from BTC derivatives markets. 

Derivatives data points at a run to the range between $60k – $80k

Deribit’s Bitcoin Volatility Index shows a consistent rise in volatility since September 26, 2024, however the metric failed to see a major move like one noted during President Joe Biden’s exit from the Presidential election, in July, and the U.S. markets correction in August.

Traders could push Bitcoin to $80,000 in US election frenzy - 3
Bitcoin Volatility Index (DVOL) | Source: Deribit Metrics

For the weeks following the elections, data from Deribit exchange highlights the $60,000 to $80,000 range, as the one that collects the peak open interest, or outstanding futures contracts for both bullish and bearish bets of traders. 

Traders could push Bitcoin to $80,000 in US election frenzy - 4
Open interest by strike price | Source: Deribit Exchange

Bitcoin Spot Exchange Traded Fund inflow data from Farside Investors shows a net outflow of $541.10 million on Nov. 4. This marks the second consecutive day of institutional investors pulling capital from the asset, likely preparing for the volatility in the aftermath of the election.

Combining data from the prediction market and Farside Investors’ BTC ETF flows, it is observed that institutional investors expressed confidence in Bitcoin and increased their capital flow when the odds of a Trump win were higher, nearly 67%, on October 30. Bitcoin ETFs received a net of $893.3 million in inflows on the same day. 

Traders could push Bitcoin to $80,000 in US election frenzy - 5
Spot Bitcoin ETF flows | Source: Farside Investors

In March, (BTC) Bitcoin hit its all-time high of $73,738 in response to the large volume of capital inflow to U.S. based Spot Bitcoin ETFs. At the time of writing, on Tuesday, November 5, Bitcoin hovers around the $69,000 level, less than 10% away from the all-time high. 

Technical analysis: Bitcoin eyes rally to new ATH

Key events since July 2024 have aided the price swings observed in Bitcoin. The BTC/USDT daily chart from TradingView shows BTC’s attempt to test its previous all-time high post Harris’s announcement of her proposal for crypto. 

Derivatives data highlights the importance of the $60,000 to $80,000 range for Bitcoin price. The asset traded within this range throughout the events since July, with the exception of its August 5 decline to $49,000. 

BTC is in a short-term uptrend, starting Aug. 5 and the token could extend its gains, forming higher highs and higher lows, post the eve of the elections, in the aftermath. Bitcoin’s previous all-time high at $73,738 is a key resistance and a successful break past this level could push BTC closer to its $80,000 target. 

Traders could push Bitcoin to $80,000 in US election frenzy - 6
BTC/USDT daily price chart | Source: TradingView.com

Bitcoin is still undervalued ahead of the election

Crypto.news talked to experts ti get insights on Bitcoin price.

“With the US Election taking place today, many believe that the price of crypto will be immediately swayed by the candidate who wins, since they have varying stances on the future of digital assets, with Trump historically being more inclusive of digital assets than Harris. While this may be true in the short term, traders should also consider that the price of crypto goes beyond what party directly supports and relies more heavily on policies they will implement around inflation, global political discourse, and the availability of investment opportunities within the digital assets space.”

BingX spokesperson

The BingX executive believes that the current cycle is one of the worst-performing ones, post the Bitcoin halving, leading to the belief that BTC is still undervalued. 

“If we look at other market sentiment indicators, crypto-related stocks have been climbing, with MicroStrategy, and Robinhood both up in the month before today’s election. In general, the digital asset community should expect to see the price of digital assets rise solely based on historical indicators.”

“If the elected candidate is supportive of crypto, it could boost market confidence; if not, it could introduce some uncertainty. The uncertainty surrounding the election outcome could trigger market fluctuations. Investors should closely monitor election developments and market reactions and be prepared to manage risks accordingly.”

Ryan Lee, Chief Analyst at Bitget Research

“Politics is a secondary factor, and historical analysis suggests that one or two major catalysts typically drive bull markets.” Thielen explains how it would be absurd, “to assume that when Fed Chair Bernanke maintained low interest rates in 2011, your neighbor suddenly decided to use Bitcoin to buy contraband on the Silk Road exchange,” meaning looking for direct correlation between election outcomes and Bitcoin price reaction may be less than ideal. 

Markus Thielen, CEO at 10x Research

The executive argues that the primary driver of the Bitcoin rally is the institutional adoption of BTC, sparked by BlackRock’s application for a Spot BTC ETF earlier this year. 

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.



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5 Crypto to Buy Now to Turn $100 to $100K During US Election 2024

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The 2024 US election between Kamala Harris and Donald Trump has sparked interest among investors eyeing potentially high-yield cryptocurrencies. With heightened market attention, certain 5 crypto to buy to turn to $100 to $100k could experience significant gains due to increased trading volumes and speculative buying. 

5 Cryptos  to Buy to 100x by 2024 US Presidential Election

As the U.S. presidential election looms, crypto investors face heightened uncertainty. Bitcoin recently dropped to $68K, fueling global market concerns. With Ethereum and Solana also affected, investors watch closely for potential opportunities amid market fluctuations.

Bitcoin (BTC) Will Face Brunt of US Elections

Bitcoin (BTC) has become a hot topic in the upcoming US elections and has faced resistance since early October. Despite optimistic predictions from crypto analysts, BTC reached $69,000 only 15 days before the election. 

At the time of writing, the BTC price has been trading at $68,887, which is 95% in the past year. With substantial investment in fiat and crypto, Bitcoin remains the leading choice among cryptocurrencies. 

Presidential candidate Donald Trump envisions the U.S. as a Bitcoin capital, while Vice President Kamala Harris emphasizes prioritizing black men in Bitcoin investment. Bitcoin will continue to be the top crypto to buy in 2024.

Super Trump (STRUMP), a PolitFi Crypto 

Super Trump (STRUMP) has become a top choice for investors seeking political finance assets. Currently trading at $0.006341, STRUMP has surged 172% over the past year.

With its alignment with former President Donald Trump’s ideals of limited government control and economic freedom, STRUMP is gaining traction ahead of the U.S. election. Experts suggest it could bring strong returns, potentially turning $100 investments into substantial gains, making it a notable crypto to buy now. If the bulls return, the STRUM price could surge to $0.001 after the elections.

5 Crypto to Buy Now to Turn $100 to $100K During US Election 20245 Crypto to Buy Now to Turn $100 to $100K During US Election 2024
Source: TradingView

Doland Tremp (TREMP), Another PolitFi Crypto To Watch Ahead of US Elections

Super Doland Tremp (TREMP), a meme coin themed around political satire, has captured attention on the Solana blockchain. Modeled with humor referencing Donald Trump, TREMP has seen an impressive 146% surge since its launch. Currently priced at $0.3032, the token recently climbed another 4% in 24 hours, fueling investor interest.  Often compared to BODEN, another politically inspired coin, TREMP is seen as a “crypto to buy” during the U.S. 2024 election season.

The cryptocurrency Tremp (TREM) has recently experienced a notable fluctuation in its market trends. Data from Santiment reveals that TREM’s price saw a significant spike in early May 2024, followed by a gradual decline into mid-June. 

The downward trend persisted, showing limited recovery through July and August. However, late September and October brought heightened social activity, with social volume reaching unprecedented highs in early November, suggesting increased investor interest or speculation around the token.

5 Crypto to Buy Now to Turn $100 to $100K During US Election 20245 Crypto to Buy Now to Turn $100 to $100K During US Election 2024
Source- Santiment

Maga (MAGA)

Maga (MAGA), a cryptocurrency associated with the MAGA movement, currently ranks 276th among global digital assets. With a market cap of around $146 million, the asset has faced recent volatility, prompting investors to adjust their approaches. MAGA’s price has dipped to $3.32, reflecting a 2% decline over the past 24 hours. 

Since its launch, however, MAGA has surged by 19,936%, positioning it as a notable crypto to buy ahead of the 2024 U.S. election. The political climate could further drive interest in MAGA, making it a prominent choice among politically themed altcoins.

Maga (MAGA) currently shows 27.3% of its “In the Money” holdings, representing 12.83 million MAGA tokens. Meanwhile, 40.9%, or 19.22 million tokens, are “Out of the Money,” with 31.8% “At the Money.” This financial breakdown reveals varying profitability across MAGA holdings, reflecting its volatile trading environment.

US Election 2024US Election 2024
Source: IntoTheBlock

Sui (SUI)

Sui (SUI), a Layer 1 blockchain and smart contract platform, is gaining attention for its fast, secure, and private digital asset solutions. With a current Total Value Locked (TVL) of $984.33 million, Sui’s popularity is surging. 

The latest SUI price rose to $1.55, marking an impressive 4% increase. This upward trend suggests a robust buy signal, reflecting growing market confidence in Sui as a significant altcoin. As it attracts more interest, Sui is establishing itself as a promising player in the blockchain landscape.

5 Crypto to Buy Now to Turn $100 to $100K During US Election 20245 Crypto to Buy Now to Turn $100 to $100K During US Election 2024
Source- DeFiLIama

Cryptocurrencies are poised to react to the election’s outcome, with some assets standing out for their performance potential. Investors are encouraged to stay informed, as market movements could provide unique entry points.

Frequently Asked Questions (FAQs)

Bitcoin’s established market position and heightened election attention make it a leading asset.

STRUMP aligns with Trump’s ideals, gaining popularity for potential returns.

TREMP’s political satire theme has fueled investor interest and market gains.

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Q2 Bitcoin Mining Costs Spike To Nearly $50K

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They say journalists never truly clock out. But for Christian, that’s not just a metaphor, it’s a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian’s journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling – right up his alley!

So, he landed a killer gig at NewsBTC, where he’s one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian’s all work and no play? Not a chance! When he’s not at his computer, you’ll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian’s got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here’s the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day – and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors – and bosses – he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.



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KYVE Network plummets, Undeads Games exhibit triple-digit

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KYVE Network has emerged as the top gainer as per the latest data with its 340% surge in the last 24 hours.

According to the latest data from CoinGecko, KYVE has shot up from a 24-hour low of $0.01307 to as high as $0.57877 but plummeted to $0.03183 at last check Sunday.

KYVE Network plummets, Undeads Games exhibit triple-digit gains - 1
Source: CoinGecko

A closer look at different timeframes shows that KYVE was up by 220% in the last seven days.

The price surge, and subsequent plummet, happened while the overall market was dumping. The latest data shows that the global crypto market cap is down by 2.5% in the last 24 hours.

One of the possible developmental reasons for the surge is the recent release of their beta testing phase 2.

Undeads Games rises close to 200%

The second token on the top gainers list is UDS, with a price surge of 190%. According to CoinGecko data, UDS is up from a 24-hour low of $0.1712, and to as high as $0.7597.

At press time, the token is trading at $0.5623 — roughly a 700% surge in the last seven days. This upward movement has helped UDS hit the $28.1 million market cap.

KYVE Network plummets, Undeads Games exhibit triple-digit gains - 2
Source: CoinGecko

However, the exact reason for the pump is unclear. There haven’t been any major announcements or project milestones that helped the coin achieve this price surge.

Bitcoin (BTC), which managed to climb above the $72,000 level a few days back, has reversed course in the last 24 hours.





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