Bitcoin Approaches New ATH During Positive Q4 Season: Report

Despite the macroeconomic storms, Bitcoin (BTC) looks poised to create a new ATH, charged by the good season of Q4 2024.

Bitcoin New ATH On The Horizon?

On October 28, BTC crossed $71,000, which raised hopes for a new ATH above the $73,737 peak recorded in March this year. Although BTC has crossed the $70,000 threshold several times since then, it has yet to set a new ATH.

According to the latter report from cryptocurrency trading platform Bitfinex, Bitcoin could be on its way to a new ATH just after the US presidential election. Bitcoin is often seen as a “Trump trade,” showing a strong connection to the issues of Donald Trump’s election.

For example, after falling 6% last week, BTC recovered all the losses, which coincided with the rise of Trump’s election odds on Polymarket, a market prediction platform.

At the time of writing, Trump lead who has a 66.1% chance of winning compared to Kamala Harris, the Democratic Alliance candidate, who has 33.9%. However, opinion polls show a close race, making the outcome of the election uncertain.

A possible Trump victory is driving the options market. According to the report, although short-term volatility may increase closer to the election results, BTC’s long-term outlook remains the same. It says:

Options expiring on important dates during the election season demand higher premiums, with implied volatility expected to rise to 100 daily vol on November 8th, just after Election Day – indicating that the market is looking for a potential shock. Despite the outcome of the election, short-term volatility is expected to be higher than usual although we remain optimistic on long-term rate increases.

It is worth highlighting that BTC dipped as low as $52,756 in September. However, the digital premium asset grew by nearly 30% in October, encouraging confidence “October” narration.

The Season Is on Bitcoin’s Side

The report emphasizes that BTC is set to benefit from a “lovely Q4 season.” Historically, Q4 has been profitable for BTC over half a year, providing a quarterly return of 31.34%.

The formation of call options expiring on December 27 – especially at the $80,000 strike price – also strengthens the BTC outlook for Q4 2024. The report adds:

As options open interest rises to new heightsthe market is showing signs of stalling in a post-election bullish zone, which could propel Bitcoin—even higher—to its all-time high of $73,666.

In similar news earlier this month, crypto research firm K33 Research he commented that recent positive developments in the FTX fiasco enhance Bitcoin’s bullish Q4 narrative.

BTC is trading at $71,110 at press time, up 3.1% in the last 24 hours and about 3.5% away from its current ATH. That BTC will do go ahead its upward trend throughout the quarter or facing another rejection remains to be seen.