Bitcoin might exceed $80,000 by the close of 2024, thanks to strong signals from derivatives markets and high profitability for holders, a Bitfinex report shared.
According to Bitfinex analysts, Bitcoin’s price could be heading above $80,000 based on trends in derivatives markets, with options data hinting at a post-U.S. election rally. Analysts highlighted that:
“Options market activity shows a notable increase in call open interest for the end-of-year contracts. Key focus areas include the December 27 expiry and calls targeting an $80,000 strike.”
On Oct. 28, Bitcoin climbed past the $70,000 psychological mark for the first time since June 10, putting it only 3.77% shy of its all-time high around $73,800.
Investors are keenly awaiting US elections anticipation is driving higher Bitcoin ETF inflows, hoping it will signal the start of Bitcoin’s post-halving rally, with potential catalysts linked to the upcoming U.S. presidential election.
The elections have also raised enthusiasm among Bitcoin ETF investors, likely contributing to Bitcoin’s price momentum.
On Oct. 28, U.S. Bitcoin ETFs reported over $479 million in positive net inflows, marking the second consecutive day above $400 million, according to Farside Investors data.
In fact, Bitcoin ETF inflows have been particularly strong over the last 12 trading sessions, totaling more than $4 billion, as noted by Nate Geraci, ETF Store president, in an Oct. 29 social media post:
“Over the past 12 trading days, spot BTC ETFs have pulled in close to $4 billion. To put that into perspective, fewer than 10% of the 3,800+ ETFs available even reach $4 billion in total assets.”
Geraci also pointed out that BlackRock’s IBIT ETF alone accounted for more than $2.6 billion of these inflows over the last two weeks.
A win by former President Donald Trump in the Nov. 5 election is widely considered a positive outcome for risk assets, including Bitcoin, which has shown a correlation with Trump’s improved election odds, Bitfinex analysts added.
Nearly 98% of Bitcoin holders are in profit
Adding to investor confidence, nearly 99% of Bitcoin holders are now seeing profits as the price traded above $71,000.
As of Oct. 29, approximately 97.6% of Bitcoin holders were in the green on their investments, according to data from CryptoQuant.
However, it’s worth noting that the last time over 97% of Bitcoin supply was profitable was back on June 5, after which Bitcoin’s price fell from above $71,100 to under $56,000 within a month.
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