Bitwise CIO Predicts Bitcoin Could Hit New ATH Before US Election

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As a seasoned crypto investor with a keen eye for market trends and a penchant for deciphering political implications, I find myself intrigued by these latest predictions. Matt Hougan and Geoff Kendrick’s forecasts of Bitcoin reaching new all-time highs before the US elections are certainly enticing. However, my personal experience has taught me to approach such predictions with a grain of salt.

Bitwise’s top financial executive, Matt Hougan, foresees that Bitcoin‘s price might hit a record peak before the upcoming US election. This prediction from Hougan stems from his observation of potential market effects due to Kamala Harris’ growing influence in the upcoming presidential elections.

Bitwise Predicts New Bitcoin ATH Before US Elections

Matt Hougan, in his recent communication, predicts that Bitcoin may achieve a fresh all-time high (ATH) prior to the upcoming US elections. In his recent report, Bitwise’s Chief Investment Officer hinted that investors might need to hold on until after the elections for Bitcoin to potentially reach $80,000, which would mark a new ATH for the leading cryptocurrency.

According to Hougan, following the BTC surge to $67,000 on Monday, he became less certain that the market would take as long as anticipated for the price to reach that target. He argued that the rally demonstrated a strong desire among participants not to miss out if and when cryptocurrency takes off.

He added,

There’s a substantial amount of untouched, dry powder waiting to be used. Once we have a clear understanding, I believe we’ll see rapid increases.

Matt Hougan suggested that the surge in Bitcoin’s price on Monday was largely due to Kamala Harris expressing her endorsement of cryptocurrency. According to CoinGape, Harris publicly expressed her support for crypto, promising to safeguard black men who are involved in and hold cryptocurrencies.

Despite not receiving the level of backing some within the cryptocurrency sector anticipated, the Chief Investment Officer at Bitwise noted positively that Kamala Harris’ awareness of crypto and acknowledgement that it persists is a significant step forward.

According to him,

The modest piece of positive information caused bitcoin to surge by 5%, triggering over half a billion dollars worth of investments in bitcoin ETFs. This development has sparked speculation among investors about whether cryptocurrencies might soon challenge their historical peak prices.

Standard Chartered Makes Similar Prediction

According to Standard Chartered’s Head of Research, Geoff Kendrick, Bitcoin’s price might reach $73,800 by the US elections on November 5th. This prediction is reminiscent of that made by Bitwise CIO. The reason for this potential increase, as explained by Kendrick, could be attributed to growing attention towards Spot Bitcoin ETFs and a possible lead by Donald Trump in the polls.

As a researcher delving into the realm of cryptocurrencies, I’ve been considering the potential growth trajectory of Bitcoin (BTC). Similar to Matt Hougan, I’ve floated the idea that BTC could potentially reach $80,000, given the existing call options at that price point. Earlier in the year, I had speculated that under a Trump presidency, BTC might surge as high as $150,000 by the end of 2020. Recent Polymarket data indicates a 57.7% likelihood of Donald Trump assuming office as the next President of the United States, which could potentially influence the price movement of BTC.

Bitwise CIO Predicts Bitcoin Could Hit New ATH Before US Election

According to QCP Capital’s analysis, it seems Bitcoin might not hit a new all-time high until January of the coming year. This is because Bitcoin appears to be following historical patterns, much like it did in election years 2016 and 2020. In these instances, the crypto started its price surge approximately three weeks prior to the elections but didn’t reach a new high until January of the subsequent year.

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2024-10-15 22:26