Bitcoin ETF Options and US Election Could Trigger BTC Momentum

With prices around $67,500, the price curve of Bitcoin (BTC) seems to be taking a kind of waiting position. Experts consider the Bitcoin ETFs, the US election and possible BTC ETF options to be price-relevant.

The hoped-for Bitcoin Uptober is not really getting off the ground, BTC as the leading crypto currency has only gained a good 5 percent in October. Bitcoin ETFs are on a roll in the USA and have recorded significant capital inflows for seven trading days in a row.

Data from SoSo shows that Bitcoin ETFs have already attracted a good $21 billion in capital since their approval in mid-January, which is a record figure. Experts are therefore looking at additional factors that could allow for optimism about Bitcoin.

In their latest weekly report, the analysts at QCP emphasize the approval process for BTC ETF Options

The SEC has begun to give the “green light.” Before the Bitcoin ETF Options can actually launch, however, they still need approval from the Commodity Futures Trading Commission (CFTC), which is considered a formality and is still dragging on. QCP predicts that the Bitcoin ETF Options will “provide the liquidity needed to attract sustainable capital inflows.”

Options can be used to bet on price developments, including to hedge BTC strategies. The experts at Bloomberg do not expect the Bitcoin ETF Options to make their stock market debut until next spring, when a new US head of state is already residing in the White House.

The duel between former President Donald Trump and current Vice President Kamala Harris will end in two weeks with election day on November 5th. The date is of great importance for the crypto industry and investors, because Donald Trump has promised a Bitcoin-friendly policy. On the crypto betting market Polymarket, Trump has regained the position of favorite after a weak phase in September.

Although the significance of these million-dollar bets on the outcome of the US election is controversial among political scientists, one thing remains clear: A return of Donald Trump to the White House would have the potential to trigger a Bitcoin rally.

Conclusion: Bitcoin still volatile or about to end the year?

There are countless methods for predicting the price of Bitcoin, and when it comes to “Uptober” they are all weak. But anyone who follows the discussions in the USA gets the impression that it is only a matter of time before Bitcoin momentum builds up and drives sustainable price gains.

The psychological mark of $70,000 would then be the first hurdle before BTC could attack its all-time high of just under $74,000 again. On the other hand, experience has taught us that Bitcoin price developments often follow their own rules and are characterized by high volatility. Exciting weeks lie ahead.

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(Featured image by RoyBuri via Pixabay)

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