Bitfinex analysts say Bitcoin could reach a new all-time high following the US election, with market conditions forming a “perfect storm” for a major price push.
Donald Trump’s chances of winning the presidential election, combined with historically bullish market conditions could be the “perfect storm” of price action that could push Bitcoin to a new all-time high next month, say analysts from crypto exchange Bitfinex.
In an Oct. 28 market report, Bitfinex analysts said that despite Bitcoin (BTC) seeing outsized volatility from geopolitical unrest in the Middle East and other macroeconomic issues in the US, the anticipation for a potential Trump victory in the Nov. 5 election had seen its price rebound sharply.
At the time of publication, Bitcoin is changing hands for $71,086 up 4.9% in the last 24 hours, per CoinGecko data, the highest in nearly five months.
