BTC is in the news today after it briefly hit a new all-time high (ATH) of over $75,400 on Election Night in the United States. On the back of the preliminary results, the trend seemed to point to a likely bullish outcome for the markets, should Trump be declared the official winner.
The MVRV (market value to realized value) ratio, also showed a massive growth potential. Despite its new ATH, BTC was still cheap as per the MVRV, standing at 2. This seemed to mirror the 2017/2020 patterns, just before its explosive runs.
On the Options market, after the $70k-level, which has already been hit, large players placed big bets on $80k and $85k targets for November based on recent inflows on CME BTC Futures. Metrics and Options data indicated that the $86.2K medium-term target might be probable for BTC.
As of now, at the time of writing this article, BTC is trading nearly $74,600 and has seen a massive jump of over 8.5% in the last 24 hours while its trading volume surged by 150% to $104 Billion and has a market capitalization of $1.48 Trillion.