Bitcoin Set to Reach $80K as Golden Cross Nears, Despite Treasury Yield Concerns

Oct 23, 2024

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As the U.S. election nears and Bitcoin inches closer to a golden cross, traders are buzzing with predictions. With Bitcoin (BTC) trading just under $70,000, everyone is wondering what will happen next. Will Trump or Harris impact Bitcoin’s future? Let’s dive into the latest news and traders’ predictions for Bitcoin as we approach this crucial moment.

Bitcoin and Treasury Yields: The Golden Cross is Coming

Bitcoin is hovering around $70,000, and traders are eyeing a possible golden cross. This bullish pattern could mean higher prices are coming. However, some are worried about rising U.S. Treasury yields. These yields have jumped to a three-month high, and traditionally, higher yields can pull money away from risky assets like

But experts think these concerns are overblown. According to analysts at TS Lombard, the rise in yields doesn’t mean the end for Bitcoin. They argue that BTC can still thrive in this environment. If the golden cross happens, BTC might be set for a major bull run. With prices already recovering, traders are keeping a close watch.

U.S. Election: Bitcoin Wins Either Way

With the U.S. election just weeks away, traders are split on how Bitcoin will react. Trump’s pro-crypto stance has long been viewed as positive for the crypto world. His promises to make the U.S. a BTC powerhouse could drive prices up. On the other hand, Kamala Harris, though not as vocal on BTC, has indicated support for clear crypto regulations.

Despite these differences, traders seem to agree on one thing: Bitcoin is likely to rise, no matter who wins. As both candidates bring change, this is viewed as bullish for the crypto market. Bitcoin has already shown resilience, and many expect it to hit new highs, regardless of the election results.

Bitcoin Options: Traders Eye $80K

Options traders are getting ready for a big Bitcoin move. Many are betting that Bitcoin will hit $80,000 by the end of November. With open interest concentrated around the $75,000 strike price, traders are positioning for a breakout. Volatility is high as the election approaches, but most traders are leaning towards a bullish outcome.

Some see this as a hedge, while others are betting on an all-out rally. The excitement is building as we get closer to the election. Whether it’s Trump or Harris in the White House, traders believe BTC is primed for a fresh high soon.

Traders Are Not Worried About Treasury Yields

While some are concerned about rising Treasury yields, most traders are focusing on Bitcoin’s price patterns. The U.S. 10-year Treasury yield is climbing, but traders remain optimistic. They believe the golden cross and the upcoming election will push Bitcoin prices higher.

TS Lombard analysts argue that the increase in yields is consistent with past rate cuts and won’t derail Bitcoin’s rise. As long as BTC holds steady, many traders are betting that we’ll see an $80,000 price soon.

In conclusion, Bitcoin is in the spotlight as we approach both the U.S. election and a possible golden cross. Despite some concerns about rising Treasury yields, most traders believe the crypto giant is poised to rise. With bets on $80K and excitement around Trump and Harris, all eyes are on Bitcoin’s next move.

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