Analyst: The Trump trade and optimism in the derivatives market may help Bitcoin rise before the US election

Bitcoin's rally from $69,000 to now firmly above the $71,000 mark in early trading on Tuesday points to growing optimism among traders ahead of the U.S. election in a week. Analysts note that election-driven momentum, strong technical indicators and elevated derivatives positioning point to an improving price outlook for Bitcoin. Additionally, the "Trump trade" narrative and favorable fourth-quarter seasonality have created a perfect storm for Bitcoin, and while prices may be volatile ahead of the election, there are exciting times ahead. The options market is also reflecting the bullish outlook for Bitcoin, with call options positioning that the price of the largest digital asset by market value could rise to over $80,000 by the end of the year. (The Block)