Bitcoin’s next big move hinges on US election result: QCP

According to a recent report from QCP Capital, the upcoming US presidential elections could greatly impact Bitcoin’s price trajectory.

While the election is the next major catalyst for Bitcoin (BTC) and the broader crypto markets, uncertainty remains over the post-election outlook, according to recent QCP Telegram posts.

Option contracts expiring around the election are trading at a 10% premium compared to other expiration dates, indicating that the market’s sensitivity to political developments has increased.

QCP’s analysis suggests that any changes in polls or changes in narratives surrounding either candidate’s campaign could increase spot prices.

Currently, Bitcoin is holding strong around $67,000 and briefly touched $68,000 after an increase of over 2%. Trump’s potential victory was positively associated with stronger crypto performance compared to Kamala Harris, who expressed less supportive views about the industry.

Bitcoin ETFs

Meanwhile, Bitcoin ETFs saw inflows, with $456.90 million added on October 16 alone. This marks the fourth consecutive day of net gains for QCP, potentially signaling continued bullish momentum.

If inflows continue, some analysts see Bitcoin’s all-time high of $73,790 as a potential target.

Long-term confidence also appears to be improving, as evidenced by the recent purchase of 600 March 2028 options at a $120,000 strike price, according to QCP. But the election remains a wild card and leaves Bitcoin’s future direction uncertain.

US elections and crypto

This election season, both political parties are trying to attract support and financial contributions from the crypto community.

In recent campaign appearances, Trump has publicly expressed his positive view of cryptocurrencies. This is a change from his previous criticism of cryptocurrencies, in which he called cryptocurrencies a “scam” in a 2021 interview.

This election cycle, Trump said he would embrace crypto during his next presidency. “Cryptocurrency is moving out of the USA due to hostility towards it. I don’t want this. “If we’re going to embrace this, we’re going to have to let them be here,” he said at a rally.

On the other side of the aisle, Democrats, led by Harris’ campaign team, launched the Crypto4Harris initiative in early August to engage the crypto community and counter Republican efforts to attract crypto voters.