Trading Bitcoin During The 2024 Election: Here’s What You Should Know
As Bitcoin (CRYPTO: BTC) trades near $70,450 on Thursday afternoon, traders are preparing for potential market swings linked to the upcoming U.S. election.
What Happened: According to data from CoinGecko, Bitcoin hit a recent high of $73,563, just short of its all-time high of $73,797 reached in March.
Market analysts, including Standard Chartered‘s Geoffrey Kendrick and YouHodler‘s Ruslan Lienkha, suggest that Bitcoin’s trajectory in the lead-up to the election may see increased volatility, urging traders to approach this period with a careful strategy.
Kendrick, head of crypto research at Standard Chartered, believes that Bitcoin’s price approaching the election will likely remain below $73,000 due to potential pre-election profit-taking.
“We’re more likely to be lower than $73,000 than higher on election day due to potential pre-election unwinding,” Kendrick said in a note shared with Benzinga.
Options markets are currently pricing in an anticipated surge in volatility tied to the election, with “a 7-day at-the-money volatility premium over the 30-day,” which Kendrick explains is comparable to the pre-launch period of the …
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