Bitcoin (BTC) is expected to reach new highs in the upcoming weeks, regardless of the U.S. presidential election results.

Traders have largely considered the potential victory of Republican candidate Donald Trump a favorable sign for the cryptocurrency market due to his support for bitcoin. Meanwhile, Democrat candidate Kamala Harris has indicated intentions to regulate the industry to protect specific groups but lacks the same pro-crypto commitments.

Both candidates are trying to appeal to the crypto voter base, but their commitments remain uncertain.

“Both Presidential candidates have adopted pro-crypto stances to appeal to voters, but it's tough to say if any of their promises will come to pass,” said Jeff Mei, COO of BTSE, in a message shared on Telegram.

“However, it is clear that the market is responding positively to the upcoming change in administration and policies - whether it's Harris or Trump, traders and investors think any sort of change will be good.”

In addition, the recent Federal rate cuts and rising stock prices may be conducive to a bullish trend for Bitcoin, with its price potentially exceeding $80,000.

Options traders anticipate that Bitcoin will touch record highs by late November, with significant interest around the $80,000 strike price for options expiring on November 29. Many are perceiving the current trading behaviors as an election hedge rather than a definitive bullish stance.

Traders are focusing on a concentration at the $75,000 strike price for options expiring on November 8, highlighting the market's key focus period. Reportedly, Bitcoin is currently down by 0.7% over the past 24 hours, indicating that the cryptocurrency continues to outperform broader market declines.