Analysts at cryptocurrency exchange Bitfinex said the possibility of Trump winning the presidential election, overlaid with historically bullish market conditions, could be the “perfect storm” for price action that is expected to push Bitcoin to new all-time highs next month.

“The confluence of election uncertainty, the 'Trump deal' narrative, and favorable Q4 seasonality creates a perfect storm for Bitcoin, and regardless of the pre-election price action in two weeks, it will be an exciting period ahead.”

Despite bitcoin's huge volatility due to geopolitical turmoil in the Middle East and other macroeconomic issues in the U.S., expectations of a possible Trump victory in the Nov. 5 election have led to a significant price rally, analysts said.