A financial expert is predicting a big jump for Bitcoin if Donald Trump wins the upcoming US presidential election.
Geoff Kendrick, a top analyst at Standard Chartered Bank, believes Bitcoin could skyrocket to $125,000 by the end of the year if Trump takes the White House.
Trump’s Win: A Bullish Signal for Bitcoin?
Kendrick’s analysis is based on the idea that Bitcoin’s price movements are tied to the US political landscape. He’s noticed that Bitcoin’s price has been rising lately, which he says aligns with investments favored by Trump supporters.
He expects Bitcoin to reach around $73,000 by Election Day, which is close to its all-time high of $73,800.
Betting Markets: A Trump Victory in Sight?
Betting markets are showing increasing confidence in a Trump win, which is further fueling Kendrick’s prediction. He believes that if Trump wins, Bitcoin could see a quick surge in price.
A Republican Sweep: The $125,000 Target
If the Republicans win both the presidency and control of Congress, Kendrick believes Bitcoin could reach his target of $125,000 by year-end. This prediction is based on the high number of Bitcoin call options expiring in December, suggesting strong investor interest in pushing the price higher.
What If Harris Wins?
If Vice President Kamala Harris wins the election, Kendrick expects a temporary dip in Bitcoin’s price. However, he still believes Bitcoin will finish 2024 at a new high, around $75,000.
The Takeaway:
Regardless of the election outcome, Kendrick sees a strong long-term outlook for Bitcoin. He believes that the recent dip in Bitcoin’s price is likely the last before the election, and that any short-term corrections will be overshadowed by the political developments.
So, will Bitcoin reach $125,000? Only time will tell. But one thing is clear: the US presidential election could have a significant impact on the cryptocurrency market.
/p>
