Originally published on: October 24, 2024
With the upcoming US elections on Nov. 5, speculation is on the rise, especially when it comes to Bitcoin prices. According to Standard Chartered Bank analyst Geoff Kendrick, if the Republican Party dominates the US Congress, Bitcoin could skyrocket to $125,000 by the end of the year.
Geoff Kendrick’s analysis suggests that BTC prices could hit around $73,000 by the time the elections take place. Should former President Donald Trump secure a second term, Kendrick predicts a 4% increase in BTC prices once the results are announced, followed by a further 10% surge within days. On the other hand, if Vice President Kamala Harris wins, Kendrick believes BTC might dip temporarily but could still end the year at approximately $75,000.
Currently, odds are in favor of a Trump victory, with RealClearPolitics giving him a 59% chance and Polymarket a 75% chance. However, concerns have been raised about potential manipulation of Polymarket’s odds by an unidentified individual who bet over $20 million on a Trump win.
Despite differing opinions within the crypto community, many believe that a Trump victory would be beneficial for Bitcoin. Notable figures like Ripple co-founder Chris Larsen have shown support for Harris, but Kendrick and other experts remain optimistic about Bitcoin’s future, with some even predicting prices as high as $92,000 with a Trump win.
While the outcome of the US elections remains uncertain, observers like BlackRock CEO Larry Fink are confident that Bitcoin will see a rise regardless of who wins. As the crypto community eagerly awaits the results, it seems that all eyes are on the US Congress and the potential impact on Bitcoin prices.
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