[Image source] (https://coinpedia.org/news/bitcoin-price-prediction-cup-and-handle-pattern-hints-at-breakout-above-80000/amp/)
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As the U.S. election approaches on November 5, Bitcoin traders are bracing for increased volatility in the market, setting their sights on an $80,000 price target. Data from Deriv, a DFI derivatives platform, shows a significant number of bets concentrated around this strike price, along with a notable volume of short-term call sales. This indicates that traders are preparing for potential price movements in the coming days.
Nick Forrester, the founder of Deriv, explained that recent trading analysis has uncovered some interesting patterns in market behavior as major financial events draw closer. This growing focus on the $80,000 target highlights traders’ expectations for price swings as the election date nears. Many traders believe that the election outcome could influence regulatory decisions and market sentiment toward cryptocurrencies, which could lead to significant price adjustments
On Monday, Bitcoin briefly rose above $70,000, reaching $71,200, a price level not seen since early June. This spike reflects a more than 5% increase in a single day, demonstrating the heightened activity in the market as traders respond to the impending election and its potential influence on Bitcoin's value.
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