Donald Trump’s chances of winning the presidential election, combined with historically bullish market conditions could be the “perfect storm” of price action that could push Bitcoin to a new all-time high next month, say analysts from crypto exchange Bitfinex.

“The convergence of election uncertainty, the ‘Trump trade’ narrative, and favorable Q4 seasonality create a perfect storm for Bitcoin, promising an exciting period ahead regardless of noisy price movements heading into the election in two weeks’ time.”

In an Oct. 28 market report , Bitfinex analysts said that despite Bitcoin ( BTC ) seeing outsized volatility from geopolitical unrest in the Middle East and other macroeconomic issues in the US, the anticipation for a potential Trump victory in the Nov. 5 election had seen its price rebound sharply.

At the time of publication, Bitcoin is changing hands for $71,086 up 4.9% in the last 24 hours, per CoinGecko data , the highest in nearly five months.

At current prices, Bitcoin is only a 3.4% move away from reclaiming its all-time high of $73,700 which it notched in March this year.

Explaining Bitcoin ’s recent strength, analysts noted an intensifying “Trump trade” narrative, saying the correlation between upward price action for the crypto market and a Trump victory on Nov. 5 had increased significantly.

Trump currently leads Kamala Harris by a margin of 30% on the decentralized betting platform Polymarket, while Harris leads Trump by 1.5% in the national polls, according to 583 polling data .

Related: Bitcoin hits $70K amid huge ETF inflow streak

Bitcoin’s upward move has come amid record open interest, reaching a new all-time high of $41.7 billion on Oct. 29, reflecting a massive appetite for leveraged exposure to the asset, per CoinGlass data .

Bitifnex analysts also noted a steady build-up in call options on BTC for late December.

Combined with record open interest, they said the market is showing signs of positioning for a “post-election surge” that could propel Bitcoin beyond its all-time high of $73,800 following the election.

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