{"id":16065,"date":"2024-10-24T03:00:14","date_gmt":"2024-10-24T03:00:14","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=16065"},"modified":"2024-10-24T03:00:14","modified_gmt":"2024-10-24T03:00:14","slug":"bitcoin-options-traders-see-80000-btc-by-november-end-us-election-outcome-irrelevant","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=16065","title":{"rendered":"Bitcoin Options Traders See $80,000 BTC By November End, US Election Outcome Irrelevant"},"content":{"rendered":"

According to crypto options traders, Bitcoin (BTC) is primed<\/a> to break through its previous all-time high (ATH) regardless of who wins the US presidential election in November.<\/p>\n

US Elections Results Not Consequential<\/h2>\n

As the US presidential elections inch closer, a slight change in tone can be observed among crypto options traders regarding its implications on the digital asset market.<\/p>\n

Notably, options traders are increasingly betting big on $80,000 BTC by the end of November, regardless of whether Republican candidate Donald Trump or Democratic candidate Kamala Harris wins the election.<\/p>\n

Commenting, David Lawant, head of research at FalconX, a crypto brokerage firm, said:<\/p>\n

I believe the market consensus is that Bitcoin is likely to perform well regardless of the election outcome. Our analysis shows that options activity surrounding the upcoming elections exhibits a notable topside-heavy bias.<\/p>\n

Within crypto circles, the general belief is that a Trump win would likely benefit the digital asset ecosystem. At the same time, a Harris victory would likely continue the Biden administration\u2019s perceived hostile stance toward cryptocurrencies.<\/p>\n

However, Harris has attempted to shift this perception among crypto voters, as she recently promised to foster emerging technologies like AI and digital assets through a supportive regulatory framework.<\/p>\n

Besides the US elections, other factors, such as interest rate cuts by the US Federal Reserve (Fed) and cooling inflation, can be attributed to increased optimism toward a new ATH for Bitcoin by the end of the year.<\/p>\n

To recollect, Bitcoin hit its current ATH value of $73,797 in March 2024, largely buoyed by the anticipated demand for the digital asset following the approval of Bitcoin exchange-traded funds (ETF) by the US Securities and Exchange Commission (SEC).<\/p>\n

However, BTC dropped to $53,956 in September due to rising interest rates, before the Fed announced a rate cut. Since then, Bitcoin has rebounded strongly, trading just above $66,000.<\/p>\n

Bitcoin Put To Call Ratio Trending Lower<\/h2>\n

According to data compiled by Deribit, the largest crypto options exchange by reported trading volume, the put-to-call ratio is trending lower toward the end of the year.\u00a0<\/p>\n

Essentially, a lower put-to-call ratio means that more traders are buying call options than put options, indicating a strong belief that BTC will likely surge in the coming days.<\/p>\n

Yev Feldman, co-founder at SwapGlobal, an institutional-grade crypto options trading platform, notes:<\/p>\n

We see traders buy calls near 68k and puts near 66k, in other words, many continuously position and reposition for a breakout for either end. There is limited reason to collapse downwards after the election, so up makes more sense.<\/p>\n

Additionally, for BTC call options expiring on November 29, open interest is largely concentrated around $80,000, with $70,000 being the second most favored strike price. For call options expiring on December 27, strike prices are between $80,000 and $100,000.<\/p>\n

Recent reports suggest<\/a> that retail interest in BTC has been on a gradual upward trajectory, indicating that the market is in risk-on mode after being range-bound for the majority of the year. Lawant concluded:<\/p>\n

This indicates that investors are leveraging the options market more as a tool for capturing potential upside rather than as a hedge against downside risks.<\/p>\n

Concerns about a potential downside<\/a> persist due to heightened geopolitical uncertainties<\/a> in the Middle East and lingering doubts about Bitcoin\u2019s halving earlier this year. BTC trades at $66,696 at press time, down 0.7% in the past 24 hours.<\/p>","protected":false},"excerpt":{"rendered":"

According to crypto options traders, Bitcoin (BTC) is primed to break through its previous all-time high (ATH) regardless of who wins the US presidential election in November. US Elections Results Not Consequential As the US presidential elections inch closer, a slight change in tone can be observed among crypto options traders regarding its implications on […]<\/p>\n","protected":false},"author":0,"featured_media":16066,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-16065","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/16065"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=16065"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/16065\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/16066"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=16065"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=16065"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=16065"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}