Analysts: "Trump Trade" and optimism in the derivatives market boost BTC ahead of the U.S. election
ChainCatcher news, according to The Block, in early trading on Tuesday, the price of Bitcoin rose from $69,000 to a solid breakthrough of $71,000, indicating that traders are increasingly optimistic about the U.S. elections a week away.Analysts point out that improved technical indicators, renewed inflows into spot Bitcoin ETFs, and broader macro factors (including speculation about a Trump victory and the seasonal strength of the market in the fourth quarter) support Bitcoin's continued upward trajectory.Bitfinex analysts stated, "'Trump trade' narratives and favorable seasonal factors for the fourth quarter have created a perfect storm for Bitcoin. Although prices may fluctuate before the election, an exciting period lies ahead."The options market also reflects an optimistic outlook for Bitcoin, with bullish positioning suggesting that the price of Bitcoin, the largest digital asset by market capitalization, could rise above $80,000 by the end of the year.