Election Buzz Boosts Bitcoin: Will Trump’s Lead Drive BTC Higher?

• Trump’s election lead is sparking BTC optimism, with predictions of reaching $80,000–$90,000.
• Rising whale activity and bullish on-chain metrics signal strong investor support for BTC gains.

Bitcoin ETF inflows have soared to $2.2 billion, as reported in a recent CNF update on U.S. election-related market moves. With former U.S. President Donald Trump leading in the polls, the cryptocurrency market is experiencing a notable recovery, with Bitcoin (BTC) reaching $70,000. Bitcoin has breached a key resistance level, and market sentiment suggests further gains if Trump maintains his lead.

Many community members believe a Trump victory could significantly boost BTC’s price, with strong market momentum backing this prediction, as shared in a Bloomberg post.

Bitcoin surged to a record as traders worldwide watched the U.S. presidential election, pitting digital asset supporter Donald Trump against Kamala Harris, who served as vice president during a government crackdown on the industry

Bullish On-Chain Metrics, Whale Activity, and Price Forecast

On-chain data reveals strong bullish sentiment for Bitcoin. According to Coinglass, BTC’s Long/Short ratio has hit 1.30, its highest since early November 2024, indicating bullish market dominance. Additionally, open interest has surged by above  4% in the past 24 hours, suggesting that traders are positioning ahead of the election results. This increase in trading activity suggests that anticipation of the election outcome is driving market behavior.

Whales—large BTC holders—are also ramping up activity, with significant transactions increasing by 89% in the past 24 hours, as reported by IntoTheBlock. This rise in whale activity signals a bullish outlook. Bernstein analysts predict that if Trump wins, Bitcoin could surge to between $80,000 and $90,000.

As of now, BTC is trading at $74,136, up 7.93% in the past day and 2.52% in the past week, with trading volume rising by 27%. Election polling has undeniably spurred increased investor participation, positioning the market for further potential gains if Trump maintains his lead. See BTC price chart below.