The cryptocurrency market appears to be recovering as former U.S. President Donald Trump leads the presidential election polls. Amid the ongoing election, with Trump as a potential winner, Bitcoin (BTC), the world’s largest cryptocurrency by market cap, has reached $70,000 while breaching the crucial resistance level.

Given the notable upside rally, it appears that if Trump continues to lead in the election polls there is a high possibility that BTC will experience a significant rise.

Bitcoin’s Bullish On-Chain Metrics 

However, on-chain metrics suggest a strong bullish sentiment for Bitcoin. According to the on-chain analytics firm Coinglass, BTC’s Long/Short ratio currently stands at 1.30, the highest since the beginning of November 2024. This notable increase indicates that bulls are currently dominating the asset.

Additionally, BTC open interest has soared by 2.95% in the past 24 hours and has been steadily rising. This increase in open interest suggests that traders are forming new positions in anticipation of the election results.

Whale and Investor Activity

Besides this, it appears that whales and investors are preparing for the election results, as their significant transactions have surged notably. According to the on-chain analytics firm IntoTheBlock, the volume of large transactions by whales has increased by 89.11% over the last 24 hours, indicating a bullish outlook for BTC.

Current Price Momentum 

As of now, BTC is trading near $69,855 and has experienced a price surge of over 1.95% in the past 24 hours. During the same period, its trading volume jumped 27%, indicating heightened participation from traders and investors amid election polling.

Recently, analysts at the private wealth management firm Bernstein shared a report stating that if Trump wins the election, Bitcoin could reach $80,000 to $90,000. Conversely, they noted that if Kamala Harris wins, BTC could drop to around $50,000.

However, given the current sentiment and election polling, it appears that Trump is likely to win, and we may soon witness BTC reaching a new all-time high along with other cryptocurrencies.

Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0

PRC Comment Policy

Your comments MUST BE constructive with vivid and clear suggestion relating to the post.

Your comments MUST NOT be less than 5 words.

Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.

Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.

Constructive REPLY to comments is allowed