According to Jeff Kendrick, the head of digital asset research at Standard Chartered, on November 5, Bitcoin might reach its all-time high above $73,000. He bases his prediction on an analysis of derivatives and trading volume.
"We use daily Bitcoin trading volume and key strike price levels to predict how the price will change after the election. According to our basic scenario, the cryptocurrency will be worth around $73,000 on election day," Kendrick said that if Donald Trump wins, the price of Bitcoin could rise by around 4% immediately after the results are announced. In the following days, the price could increase by up to 10%.
The analyst highlighted that the behaviour of the futures market can provide insights into how prices might change after the election. He pointed to the high level of Bitcoin call options that expire on December 27, with a strike price of $80,000.
A Republican victory could lead to a rise in the price of Bitcoin. According to a representative from Standard Chartered, if the Republicans win the election, the price of Bitcoin could reach $125,000 by the end of the year. On the other hand, if Kamala Harris becomes the president, the price of the cryptocurrency could drop significantly. However, Kendrick predicts that by the end of the year, the price will recover and reach around $75,000.
The expert also pointed out that the recent rise in Bitcoin's price coincided with other investments that were popular among Trump supporters. According to RealClearPolitics, Trump's current odds of winning are 59%, while other markets like Polymarket indicate a 75% chance.
Previously, analysts at Bernstein projected Bitcoin’s price to reach $200,000 by the end of 2025.
