The post Bitcoin Nears New ATH Amid Positive Q4 Seasonality: Report appeared on BitcoinEthereumNews.com.

Despite macroeconomic headwinds, Bitcoin (BTC) looks primed to create a new all-time high (ATH), charged by positive Q4 2024 seasonality. Bitcoin New ATH On The Horizon? On October 28, BTC surged past $71,000, sparking optimism for a new ATH above the $73,737 peak recorded in March this year. Although BTC has crossed the $70,000 threshold multiple times since then, it has yet to set a new ATH. According to a recent report from the cryptocurrency trading platform Bitfinex, Bitcoin could be on track for a new ATH shortly after the US presidential election. Bitcoin is often seen as a “Trump trade,” exhibiting a strong correlation with Donald Trump’s election odds. For example, after a 6% decline last week, BTC has regained all losses, coinciding with Trump’s rising election odds on Polymarket, a decentralized prediction market platform.  At the time of writing, Trump leads with a 66.1% chance of winning versus Democratic candidate Kamala Harris, who stands at 33.9%. However, opinion polls show a close race, making the election outcome uncertain. Source: Polymarket A possible Trump victory is stirring the options market. According to the report, while short-term volatility may increase closer to election results, BTC’s long-term bullish outlook remains intact. It states: Options expiring on key dates around the election are commanding higher premiums, with implied volatility expected to peak at 100 daily vol on November 8th, just after Election Day – indicating that the market is bracing for potential turbulence. Regardless of the election outcome, short-term volatility is expected to be higher than usual though we remain confident in longer-term price appreciation. It is worth highlighting that BTC dipped as low as $52,756 in September. However, the premier digital asset rallied almost 30% in October, inspiring some confidence in the “Uptober” narrative. Seasonality Is On Bitcoin’s Side The report…

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Filed under: News - @ October 30, 2024 9:21 am