Bitcoin Sentiment Rebounds After U.S. Midterms — Market Talk

Bitcoin sentiment has shifted significantly since the U.S. midterms, says Derive.xyz. founder and CEO Nick Forster. "Election night was a textbook case of markets selling the uncertainty and buying the outcome," he says. Derive traders now price in a 55% chance of Bitcoin finishing above $80,000 Friday, versus 5% at its overnight low, and roughly 10% odds of falling below $78,000. The probability of Bitcoin exceeding $100,000 by Christmas rises to 5% from 3.5%, Forster notes. "Traders were paying a premium for protection ahead of the election, but once the results became clear, much of that demand disappeared." The question now is whether it can sustain its recovery once the short covering and hedge unwinding have finished, Forster says. Bitcoin last trades at $80,458. ([email protected])