Bitcoin surged to a new all-time high of $75,100 early Wednesday, setting another milestone for the cryptocurrency. Positive market cues over the last 24 hours contributed to the rise despite Bitcoin facing a generally bearish trend in recent weeks.
The ongoing US election appears to have played a major role in Bitcoin’s price spike. Investors eagerly await the results, with signs favoring former President Donald Trump. Trump’s popularity has continued to rise, increasing market confidence.
Bitcoin Rallies Amid US Election Results
The crypto market has been speculating about the impact of the US election on Bitcoin for some time. CoinShares recently highlighted this sentiment in a report, noting that institutional inflows last week reached $2.2 billion. The report suggested that much of this investment likely stemmed from optimism surrounding a potential Republican victory.
On the prediction platform Polymarket, the odds of a Trump victory surged, indicating shifting market expectations. Trump’s odds of winning rose sharply from 58% to 93.3%. Overall, bets on both candidates reached $2.3 billion, with Trump holding $1.41 billion.
Read More: What is Polymarket? A Guide to The Popular Prediction Market
This political backdrop has fueled significant buying interest in Bitcoin. Investor sentiment around Bitcoin has been particularly bullish since mid-August. The Exchange Net Position Change shows that, for the past three months, exchanges have mostly noted BTC outflows, a signal of increased buying activity.
This pattern of BTC outflows suggests that investors have maintained strong interest. With Bitcoin’s price climbing, this demand might slow down as the market takes in the new price levels. While buying interest remains, it is expected to taper in the coming days, as Bitcoin has now established its latest all-time high.
BTC Price Prediction: Making History
Bitcoin’s price has surged by 7% today. After bouncing from the $68,248 support level, BTC now hovers near critical points, with $73,773 and $71,367 as immediate potential supports. If investors start booking profits, the price could stabilize around these levels.
However, a sharper pullback may occur, which could erase today’s gains. Despite potential fluctuations, Bitcoin’s new high of $75,100 is likely to hold strong in the near term.
Read more: Bitcoin Halving History: Everything You Need To Know
If bullish momentum continues, further supported by favorable macroeconomic conditions, Bitcoin could aim to set yet another all-time high beyond $75,100. Such a move would confirm investor confidence and push Bitcoin further into uncharted price territory.
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