Bitcoin Whales are Accumulating in Anticipation of a Trump Victory in 2024 Election

In a significant move, new Bitcoin “whales”—investors holding large amounts of the cryptocurrency—have been accumulating Bitcoin in anticipation of a possible victory by former President Donald Trump in the 2024 U.S. presidential election. According to recent data, these large-scale investors have acquired over 1,800 Bitcoin (BTC), valued at over $132 million, withdrawing the assets across 11 newly created wallets.

This increase in Bitcoin holdings was flagged by the crypto intelligence platform Lookonchain in a post on X (formerly Twitter) on November 6, further highlighting the strong investor sentiment around Bitcoin. The move coincides with growing speculation that a Trump win in the election will boost risk-on assets like Bitcoin.

Bitcoin Hits New All-Time Highs Amid Trump Lead

As early election results began showing a lead for Trump, Bitcoin surged to a new all-time high of over $75,000 on November 6, reinforcing investor confidence. While price volatility is expected to increase following the final election results, some analysts believe this could signal the start of a new bullish phase for Bitcoin.

Analysts from Bitfinex, for example, have predicted that Bitcoin could reach as high as $80,000 before the end of 2024. They attribute this optimistic forecast to the structure of the options market and the potential for a Republican victory. According to Bitfinex, the options market saw a significant increase in call open interest, particularly for options expiring on December 27, with an $80,000 strike price being the focal point.

Investor sentiment in the broader crypto market is also showing signs of optimism, as evidenced by the Crypto Fear & Greed Index, which has remained firmly above the 70 mark, signaling a state of “greed.” This index, which gauges the mood of the market based on multiple factors, began its upward climb on October 11, shortly after Trump gained a significant lead in political betting markets like Polymarket.

The odds on Polymarket flipped in Trump’s favor in early October, marking a dramatic shift from previous months. By October 12, Trump’s projected chances of winning had surpassed a 10-point lead over his competitors. This political shift, paired with Bitcoin’s growing popularity, is contributing to the overall sense of optimism in the crypto space.

The Path Ahead: Volatility and a Potential Bullish Surge

As the 2024 election draws closer, analysts predict that Bitcoin’s price could experience increased volatility. However, many believe that this volatility is a necessary precursor to further price growth. With major technical levels like the $70,000 price point now serving as support, Bitcoin’s upward momentum seems poised for continuation, especially if Trump secures a victory.

The confluence of rising investor interest, political developments, and technical factors suggests that Bitcoin could experience a significant rally in the coming months, potentially reaching new heights in response to the political and market dynamics surrounding the 2024 election.