Bitcoin Price Predictions – Bitcoin Surge? Analyst Predicts $125,000 Value with Republican Win
Bitcoin Price Predictions – Bitcoin (BTC) could potentially reach $125,000 by the end of the year if the Republican Party secures a strong presence in the United States Congress after the upcoming November 5 elections. This forecast comes from Geoff Kendrick, an analyst at Standard Chartered Bank, who is optimistic about the impact of political outcomes on Bitcoin’s value.
Election Speculation Fuels Bitcoin Frenzy
As speculation about the U.S. elections heats up, Bitcoin’s price, currently at $67,438, is experiencing heightened volatility. Kendrick believes that the “Trump bump” could significantly boost Bitcoin’s value, projecting it will reach around $73,000 by Election Day. He asserts that if former President Donald Trump is re-elected, Bitcoin could surge by approximately 4% immediately following the announcement of the results, based on options data. Moreover, he anticipates an additional 10% increase within a few days post-election.
“Our base case is that Bitcoin rises to around $73,000 by Election Day, catching up to betting-market probabilities of a Trump win; this is slightly below the c.$73,800 all-time high recorded in March,” Kendrick noted.
Potential Outcomes: Trump vs. Harris
Conversely, if current Vice President Kamala Harris wins the presidency, Kendrick predicts that Bitcoin may initially decline but will stabilize to around $75,000 by year-end. Currently, RealClearPolitics indicates a 59% chance of a Trump victory, while Polymarket provides an even more bullish 75% chance. Notably, the odds on Polymarket were reportedly influenced by a single unidentified whale, who placed over $20 million on a Trump win.
The crypto community generally views Trump as more favorable toward digital assets than Harris. However, there are notable exceptions; for instance, Chris Larsen, co-founder of Ripple, donated $11 million worth of XRP to Harris’s campaign.
Broader Market Sentiment
Kendrick’s bullish sentiment is echoed by others in the crypto space. An executive from Bitwise, a crypto asset management firm, projected that Bitcoin could reach $92,000 if Trump is re-elected. Meanwhile, crypto exchange Deribit predicts Bitcoin will hit $80,000 by the end of November, contingent on a Trump victory.
In contrast, more conservative observers like Larry Fink, CEO of BlackRock, have suggested that Bitcoin will rise irrespective of the election outcome. This perspective reflects a broader belief in Bitcoin’s resilience and long-term growth potential, regardless of political changes.
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