Bitcoin’s price could soar to $125,000 by the end of the year if the Republicans dominate the United States Congress after the upcoming elections on November 5, according to Standard Chartered Bank analyst Geoff Kendrick. As speculation surrounding the US elections and Bitcoin prices intensifies, Kendrick expressed optimism for the Republicans. He predicted that BTC would reach approximately $73,000 on the day of the elections. If former President Donald Trump is re-elected, Kendrick projected a 4% increase in BTC’s price upon the announcement of the results, based on options information, followed by an additional 10% surge within a few days. On the other hand, if current Vice President Kamala Harris is elected president, Kendrick stated that BTC’s price would initially decline but end the year at around $75,000. Kendrick cited RealClearPolitics, which currently gives Trump a 59% chance of winning, and Polymarket, which predicts a 75% chance of Trump’s victory. Polymarket’s odds were influenced by an unidentified whale who placed a $20 million bet on Trump. While the crypto community generally perceives Trump as being more supportive of cryptocurrencies, Ripple co-founder Chris Larsen donated $11 million worth of XRP to the Harris campaign, making him an exception. Kendrick is not the only one who has expressed confidence in Trump’s potential impact on Bitcoin. An executive at crypto asset manager Bitwise predicted that BTC would reach $92,000 in the event of a Trump victory, while crypto exchange Deribit forecasted a BTC price of $80,000 by the end of November with a Trump win. However, more reserved observers, such as BlackRock CEO Larry Fink, have stated that Bitcoin’s price will rise regardless of the election results.
Standard Chartered Forecasts Bitcoin Skyrocketing to 125K with Republican Control of US Congress