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Bitcoin Has Eyes On $80K Despite Election Outcome
- Blockchain experts forecast that Bitcoin could reach new highs of $80K, despite the results of the US Presidential election.
- Matthew Sigel, a head of Digital Assets Research, thinks Bitcoin will benefit from US debt downgrades and fiscal policies. On the other hand, James Butterfill, Head of Research at CoinShares, argues that a Trump presidency could weaken the US dollar due to protectionist trade policies and inflationary moves.
- While longer-term crypto options traders anticipate Bitcoin to hit fresh highs, shorter-term options are reflected in the $75,000 strike price, with open interests for $80,000 strike level, signalling growing optimism among traders.
- Bitcoin could reach $200,000 by the end of 2025 as it moves into what analysts are calling "a new institutional era", according to a report from Bernstein Research.
- Paul Tudor Jones, the founder of Tudor Investment Corporation, expressed his preference for assets that can weather inflationary pressures.
- Many believe that Bitcoin's next bull run could see it reach unprecedented heights, by gaining more institutional investors.
- As volatility on the rise as election day approaches, traders are increasingly betting on Bitcoin's upward trajectory and remain confident that it will soon break out of its current range.
- However, Bitcoin has faced short-term setbacks. In the past 24 hours, BTC slipped below $67,000, sparking a broad decline across major cryptocurrencies.
- The upcoming US presidential election and potential interest rate cuts by Federal Reserve has led to a perfect storm for Bitcoin to reach new highs.
- Crypto has gradually matured and is considered an emerging industry which breaks the mold of US politics by appealing to both Democrats and Republicans.
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