Bitcoin whales accumulate $132M amid Trump victory projections
Investor appetite for risk-on assets like Bitcoin is growing, with Donald Trump projected to win the US presidential election.
Auto Added by WPeMatico
Investor appetite for risk-on assets like Bitcoin is growing, with Donald Trump projected to win the US presidential election.
Analysts say Bitcoin is ready to test new highs after the US elections conclude, but $70,000 needs to hold as support first.
Other key indicators suggest that Bitcoin’s long-term floor price is above $40,000.
“Bitcoin is currently being used as a liquid proxy to hedge a Trump win,” which was previously seen as “underpriced,” according to an analyst.
Spot Bitcoin ETF inflows can have a delayed effect on the BTC price, which takes a couple of days to materialize, according to market analysts.
Industry watchers are pointing to Bitcoin’s increasing correlation with the winning odds of former President Donald Trump.
Lekker Capital chief investment officer Quinn Thomspon says this week’s Bitcoin dip shows a “clear invalidation” when compared to previous price stumbles.
The Fed is expected to deliver its first interest rate cut since the pandemic, which could introduce more volatility before the next Bitcoin leg up.
According to Michael van de Poppe, an upcoming surge in global liquidity, fueled by debt refinancing, could trigger the next Bitcoin bull run.
According to market analysts, this could be the last dip buying opportunity for Bitcoin before the next leg up.
