Standard Chartered predicts Bitcoin surge to 125K contingent upon Republican control of US Congress

Bitcoin’s value could surge to $125,000 by the end of the year if the Republican Party gains control of the United States Congress after the November 5 elections, according to Geoff Kendrick, an analyst at Standard Chartered Bank. As anticipation surrounding the US elections and Bitcoin prices intensifies, Kendrick expresses optimism for the Republicans. He predicts that BTC will reach approximately $73,000 on November 5, the day of the elections. If former President Donald Trump secures a second term, Kendrick expects BTC to rise by about 4% upon the announcement of the result, based on options information, and then increase by an additional 10% within a few days. Kendrick states in a note, “The Trump bump is looking powerful.” Conversely, if current Vice President Kamala Harris is elected president, Kendrick believes BTC will experience a temporary decline but ultimately end the year at around $75,000. He highlights that RealClearPolitics currently places the odds of a Trump win at 59%, while Polymarket gives Trump a 75% chance of victory. Polymarket’s odds were influenced by an unidentified whale who wagered over $20 million on a Trump win. The cryptocurrency community generally perceives Trump as being more supportive of the industry compared to Harris, although Ripple co-founder Chris Larsen stands as an exception, having donated XRP worth $11 million to the Harris campaign. Kendrick is not the sole commentator expressing confidence in Trump. An executive at crypto asset manager Bitwise predicts that BTC would reach $92,000 in the event of a Trump victory, while crypto exchange Deribit forecasts BTC to reach $80,000 by the end of November with a Trump win. However, more reserved observers, including BlackRock CEO Larry Fink, believe that BTC will rise regardless of the election results.