QCP: The correlation between Bitcoin and Trump's odds seems to be weakening, and a breakthrough of $70,000 could trigger new highs

ChainCatcher news, according to the latest report from QCP Capital, Trump's interview on the Joe Rogan Experience podcast, released a week before the election, has garnered over 32 million views, raising his odds on Polymarket to over 66%. Although cryptocurrencies are referred to as the "Trump trade," the correlation between Bitcoin and Trump's odds seems to be weakening, as it currently attempts to break through $70,000 and surpass the July high. Bitcoin has only risen 8% this month, below the average of 21%. If the spot price remains at current levels, October will be the fourth worst month for Bitcoin's performance in the past decade.

As the market anticipates the election results next week, it remains to be seen whether Bitcoin can break through $70,000. The report advises caution, as the core PCE data expected on Thursday and the non-farm payroll data on Friday are not anticipated to show surprises. Currently, the total open interest in Bitcoin perpetual contracts across exchanges has reached $27 billion, close to this year's peak. If Bitcoin breaks through $70,000, it could trigger new highs, especially with more leveraged long positions involved.