Can US Election Results Propel Bitcoin (BTC) Towards $80K?

The world’s largest cryptocurrency, Bitcoin (BTC), caught the attention of many despite the ongoing buzz around the US elections. The king coin finally managed to hit a new all-time high after teasing its investors for quite some time. BTC registered a new peak of $75,011.06. Investors’ bets that former President Donald Trump was winning the U.S. election as the results came in were tied to the most recent rise.

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Will Bitcoin Continue This Hot Streak?

At press time, following a slight setback of 0.65% the king coin was trading at $74,485.00. It should be noted that BTC soared by 9.02% over the past 24 hours. Bitcoin went from trading at a low of $68,287 to a high of $75,011.

Bitcoin witnessed a major spike in its daily volume. The asset rose by nearly 100%, and its trading volume currently stands at $79.30 billion. The overall market sentiment remains bullish, with 74% of 413842 individuals staying positive about the asset’s potential rise. Amidst this, 26% of voters were still skeptical regarding BTC moving towards the $80,000 mark.

Elaborating on the asset’s latest surge, Santiment, an on-chain analytics firm said,

“The sentiment toward BTC shows an overwhelming amount of FOMO at the moment, with 5.5 positive comments for every 1.0 negative comments across social media. With an all-time high potentially happening imminently, expect major volatility and notably sentiment-driven price movement until (and likely shortly after) this historic election is decided.“

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Is $80,000 Closer Than It Appears?

According to data from CoinCodex, BTC will reportedly take some time to hit the $80,000 mark. The firm suggested that the king coin will reach this level only during this weekend. Bitcoin will rise to a high of $80,351 on November 10. But it is certain that Bitcoin will continue to hit new highs over the next couple of days.

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