Bitcoin’s value could skyrocket to $125,000 by the end of this year if the Republican Party secures dominance in the United States Congress after the November 5 elections, according to Geoff Kendrick, an analyst at Standard Chartered Bank. As speculation surrounding the US elections and Bitcoin prices intensifies, Kendrick reveals his bullish outlook for the Republicans. Kendrick anticipates BTC to reach approximately $73,000 on November 5, the day of the elections. In the event of Republican former president Donald Trump winning a second term, Kendrick believes BTC will experience a 4% surge upon the announcement of the result, based on options data, and a subsequent 10% increase in the following days. Kendrick stated in a note that if current vice president Kamala Harris is elected president, BTC will initially trade at lower levels, but is expected to end the year at around $75,000. He highlights that RealClearPolitics currently assigns a 59% likelihood of a Trump victory, while Polymarket gives Trump a 75% chance of winning. Polymarket’s odds were influenced by an unidentified whale who placed over $20 million in bets on a Trump victory. The cryptocurrency community generally perceives Trump to be more favorable towards it, although Ripple co-founder Chris Larsen stands as an exception, having donated XRP worth $11 million to Harris’s campaign. Kendrick is not the only commentator expressing confidence in Trump. An executive at crypto asset manager Bitwise predicted that BTC would reach $92,000 if Trump wins, while crypto exchange Deribit forecasts a BTC price of $80,000 by the end of November in the event of a Trump victory. However, some more cautious observers, including BlackRock CEO Larry Fink, believe that BTC will rise regardless of the election outcome.
Standard Chartered foresees Bitcoin skyrocketing to 125K in the event of Trumps victory