Matt Hougan, Chief Investment Officer of Bitwise, forecasts that Bitcoin’s price may reach a new all-time high (ATH) before the US elections. He acknowledges the potential impact of Kamala Harris’s support on the market as the presidential election approaches.
Anticipation for Bitcoin’s Value Increase
In his weekly note published recently, Hougan pointed out that Bitcoin 
$0.000107 could achieve a new ATH before the US elections. Initially, he suggested that BTC might require the post-election period to rise to $80,000.
Following Bitcoin’s rise to $67,000 on Monday, Hougan expressed uncertainty about how long market participants would have to wait to reach these levels. He commented, “Many people do not want to miss out when cryptocurrencies rise.”
Standard Chartered’s Similar Outlook
Geoff Kendrick, Research Director at Standard Chartered, shared a similar prediction. Kendrick forecasts that Bitcoin could reach $73,800 before the US elections on November 5. This prediction relies on factors such as growing interest in Spot Bitcoin ETFs and Donald Trump’s leads in polls.
Kendrick also increased the likelihood of BTC rising to $80,000, noting the presence of call options aimed at that target. Previously, he had predicted that Bitcoin could hit $150,000 by the end of the year.
On the other hand, QCP Capital’s analysis suggests that reaching a new ATH may not be likely until January of next year. QCP noted that Monday’s BTC rally followed historical cryptocurrency trends. In the election years of 2016 and 2020, cryptocurrencies surged about three weeks before the elections but only achieved new ATHs in January. Hougan stated regarding this matter:
“There is a large amount of capital waiting on the sidelines. I believe it will rise rapidly once there is clarity.”
These developments in the Bitcoin market prompt investors to closely monitor the performance of cryptocurrencies ahead of the election period. The adoption of Kamala Harris’s support for cryptocurrencies creates a positive impact on the market, while similar predictions from other financial institutions heighten excitement in the sector.
During this process, it is crucial for investors to remain cautious, considering Bitcoin’s volatile nature and the influence of political developments. The potential effects of election results on cryptocurrency markets could shape future price movements.
Fluctuations in the value of Bitcoin and other cryptocurrencies present both opportunities and risks for investors. Understanding market dynamics and developing appropriate strategies are vital for successful investing.
