Bitcoin may rise to $ 80,000 after the US election

Bitcoin BTC $98,632.92 Bitcoin 1.19% Market capitalization $1.95 trillion VOL. 24 hours $6.04 billion may rise to $ 80,000 after the US presidential election and the Federal Reserve meeting in November. Such forecasts are made by experts observing the activity of investors in the cryptocurrency market, The Block reports.

Experts believe that two important events may contribute to the price increase: the US presidential election on November 5 and the meeting of the country’s main financial regulator, the Federal Reserve System, on November 8. Experts estimate high chances of Donald Trump’s victory, who is considered a supporter of cryptocurrencies, and expect a softening of US financial policy.

On the Deribit crypto exchange, investors are actively buying contracts that will bring them profit if the price of bitcoin exceeds $ 80,000. The total amount of such transactions reaches $ 212 million. At the same time, traders have entered into insurance contracts worth $ 82 million to protect themselves against a possible price drop.

Large institutional investors also demonstrate confidence in cryptocurrencies. Over the past week, they have invested $ 2.67 billion in bitcoin funds, of which almost $ 300 million came in just one day — October 21. Such investments indicate a serious interest in cryptocurrencies on the part of professional market participants.

Analysts predict that after reaching the $ 68,000 mark, fluctuations in the price of the flagship crypto market may become less sharp. They remain optimistic about further growth in the value of the cryptocurrency and do not expect a significant price drop in the near future.