- Standard Chartered analyst Geoff Kendrick expects Bitcoin to hit $125,000 if Republicans control Congress.
- Kendrick forecasts a $73,000 Bitcoin price by November 5, with further gains if Trump wins.
- Major investors are split on BTC’s prospects, with some expecting growth regardless of the election outcome.
Bitcoin could reach $125,000 by year-end if the Republican Party wins control of the U.S. Congress in the upcoming November 5 elections, according to a prediction from Geoff Kendrick, a Standard Chartered Bank analyst. His analysis, driven by current trends and election dynamics, has sparked speculation among investors about Bitcoin’s performance in the event of a GOP victory.
Source: Yahoo! Finance
Potential for Gains as Election Approaches
Kendrick forecasts that Bitcoin’s price will approach $73,000 by Election Day and could increase by an additional 4% if former President Donald Trump is re-elected. According to Kendrick’s research, Bitcoin may further rally by 10% in the days following a Trump victory, pushing toward $125,000 by the end of the year. He based his predictions on the growing correlation between election outcomes and Bitcoin price movements, noting that betting markets currently place Trump’s chances at 75%.
The crypto community perceives Trump’s policies as more favorable for digital assets than those of current Vice President Kamala Harris. However, if Harris is elected, Kendrick expects Bitcoin to stabilize around $75,000 by year’s end, though it may experience a temporary dip initially.
Diverse Predictions for Bitcoin’s Future
The possibility of a “Trump bump” has attracted attention beyond Standard Chartered. A Bitwise executive suggested Bitcoin could reach $92,000 with a Trump win, while crypto exchange Deribit expects BTC to hit $80,000 by late November under similar circumstances. On the other hand, BlackRock CEO Larry Fink remains optimistic about Bitcoin’s growth regardless of who wins, highlighting the broader bullish sentiment surrounding Bitcoin’s potential in 2024.
