Standard Chartered Forecasts Bitcoin Surge to 125K in the Event of Trumps Victory

Bitcoin’s value could potentially reach $125,000 by the end of this year if the Republican Party gains control of the United States Congress after the November 5th elections, according to Geoff Kendrick, an analyst at Standard Chartered Bank. As speculation surrounding the US elections and Bitcoin prices intensifies, Kendrick expresses a bullish outlook for the Republicans. He anticipates that Bitcoin will reach approximately $73,000 by November 5th, the day of the elections. If Republican former president Donald Trump secures a second term, Kendrick believes Bitcoin will experience a 4% increase when the results are announced based on options information. Additionally, he expects Bitcoin to rise an additional 10% within a few days. Kendrick stated in a note that if current vice president Kamala Harris becomes president, Bitcoin’s value will temporarily decline but end the year at around $75,000. Kendrick 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 placed a bet exceeding $20 million on a Trump win. The crypto community generally perceives Trump as being more favorable towards cryptocurrencies, although Ripple co-founder Chris Larsen donated XRP worth $11 million to Harris’s campaign. Kendrick is not the only commentator who expresses confidence in Trump. An executive at crypto asset manager Bitwise predicted that Bitcoin would reach $92,000 in the event of a Trump victory, while crypto exchange Deribit forecasted a Bitcoin value of $80,000 by the end of November if Trump wins. However, more reserved observers, such as BlackRock CEO Larry Fink, believe that Bitcoin’s value will rise regardless of the election results.