Bank

Donald Trump

Bitcoin

Standard

Bitcoin could be worth $125,000 by the end of the year if the Republican Party dominates the United States Congress after the Nov. 5 elections, Standard Chartered Bank analyst Geoff Kendrick predicted.
As speculation about the US elections and Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="null" target="null" text="null" title="null">BTC</a>) prices approaches a frenzy, Kendrick was bullish on the Republicans.
<figure>
 <img alt="Standard Chartered sees Bitcoin surge to $125K if Republicans take US Congress" src="https://s3.cointelegraph.com/uploads/2024-10/0192c049-1f98-72df-9efb-7d9858575b78" title="">
 <figcaption style="text-align: center;">
 Geoff Kendrick’s BTC price analysis. Source: Standard Chartered Bank
 </figcaption>
</figure>
<h2 id="the-trump-bump-is-looking-powerful">The Trump bump is looking powerful</h2>
Kendrick predicted BTC will reach about $73,000 by Nov. 5, the day of the elections. If Republican former President Donald Trump is elected to a second term, Kendrick said BTC will rise about 4% when the result is announced, based on options information, and will increase by another 10% within a few days. Kendrick wrote in a note:
<blockquote>
 “Our base case is that Bitcoin rises to around USD 73,000 by Election Day, catching up to betting-market probabilities of a Trump win; this is slightly below the c.USD 73,800 all-time high recorded in March.”
</blockquote>
If current Vice President Kamala Harris is elected president, Kendrick says BTC will trade lower for a while, but end the year at around $75,000. He notes that RealClearPolitics currently places the odds of a Trump win at 59% and Polymarket gives Trump a 75% chance of victory.
<figure>
 <img alt="Standard Chartered sees Bitcoin surge to $125K if Republicans take US Congress" src="https://s3.cointelegraph.com/uploads/2024-10/0192c04a-3d5b-7071-83c5-330cdad24fbd" title="">
 <figcaption style="text-align: center;">
 Source: <a data-ct-non-breakable="null" href="https://x.com/Cointelegraph/status/1837347711454265524" rel="nofollow noopener" target="_blank" text="null" title="https://x.com/Cointelegraph/status/1837347711454265524">Cointelegraph</a>
 </figcaption>
</figure>
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/us-bankers-support-trump-expect-harris-victory-american-banker" rel="null" target="null" text="null" title="null">US bankers support&nbsp;Trump&nbsp;but expect Harris victory — American Banker</a>
<h3 id="crypto-skews-right">Crypto skews right</h3>
Polymarket’s odds were manipulated by a recently <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/polymarket-claims-identified-trump-whale" rel="null" target="null" text="null" title="null">identified, but not named</a>, whale that <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/polymarket-whale-trump-odds-manipulation" rel="null" target="null" text="null" title="null">bet more than $20 million</a> on a Trump win. 
The crypto community perceives Trump to be more favorable toward it than Harris, although Ripple co-founder Chris Larsen is a notable exception, <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/ripple-chris-larsen-xrp-donation-kamala-harris-campaign" rel="null" target="null" text="null" title="null">having donated XRP</a> (<a data-ct-non-breakable="null" href="https://cointelegraph.com/xrp-price-index" rel="null" target="null" text="null" title="null">XRP</a>) worth $11 million to the Harris campaign.
<figure>
 <img alt="Standard Chartered sees Bitcoin surge to $125K if Republicans take US Congress" src="https://s3.cointelegraph.com/uploads/2024-10/0192c04c-378b-7de1-954d-3f54a9036347" title="">
 <figcaption style="text-align: center;">
 Source: <a data-ct-non-breakable="null" href="https://x.com/BitcoinVoter/status/1818043835848462738" rel="nofollow noopener" target="_blank" text="null" title="https://x.com/BitcoinVoter/status/1818043835848462738">Bitcoin Voter Project</a>
 </figcaption>
</figure>
Kendrick is not the only commenter who has shown confidence in Trump. An executive at crypto asset manager Bitwise <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitwise-head-of-alpha-strategies-bitcoin-hitting-92k-trump-election-win" rel="null" target="null" text="null" title="null">predicted BTC would hit</a> $92,000 in the event of a Trump victory. Crypto exchange Deribit <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-price-action-donald-trump-united-states-election-odds-crypto-analysts" rel="null" target="null" text="null" title="null">predicted BTC to reach</a> $80,000 by the end of November with a Trump win.
Less excitable observers, such as BlackRock CEO Larry Fink, have said BTC <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/trump-overtakes-harris-potus-bitcoin-blackrock-fink" rel="null" target="null" text="null" title="null">will rise regardless of</a> the election results.
<figure>
 <img alt="Standard Chartered sees Bitcoin surge to $125K if Republicans take US Congress" src="https://s3.cointelegraph.com/uploads/2024-10/0192c04d-6f1b-7036-927e-5afe4379bb62" title="">
 <figcaption style="text-align: center;">
 Source: <a data-ct-non-breakable="null" href="https://x.com/CryptoTea_/status/1848051040886673415" rel="nofollow noopener" target="_blank" text="null" title="https://x.com/CryptoTea_/status/1848051040886673415">Crypto Tea</a>
 </figcaption>
</figure>
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/bitcoiners-all-in-trump-since-bitcoin-2024-getting-risky/" rel="null" target="null" text="null" title="null">Bitcoiners are ‘all in’ on Trump since Bitcoin ’24, but it’s getting risky</a>
&nbsp;

Standard Chartered sees Bitcoin surge to $125K if Republicans take US Congress

Table of Contents

Cointelegraph

Other articles published on Oct 24, 2024

Why is PCHAIN More Likely to Hit $1 Before TRON and Litecoin? Token Presale Breaks Records

Crypto Liquidations Hit $271 Million, What's Going On?

Five Sentenced in Austria’s Largest Crypto Scam of $21.6M

Core Foundation Launches Developer-Focused 'Core Commit Program' with Funding and Mentorship

Bitcoin (BTC) Flips Support to Resistance Signaling a Rally

GraFun Partners with Floki and DWF Labs to Support Emerging Memecoins

Join our free newsletter for daily crypto updates!