Bitwise’s Chief Investment Officer (CIO) Matt Hougan has predicted that the Bitcoin price could reach a new all-time high (ATH) even before the US election. The Bitwise CIO’s prediction came as he acknowledged the impact Kamala Harris’ support could have on the market as the US presidential elections draw closer.
Bitwise Predicts New Bitcoin ATH Before US Elections
Matt Hougan suggested in his latest weekly memo that BTC could hit a new ATH before the US elections. In the weekly memo released last week, the Bitwise CIO implied that market participants might have to wait until after the elections before Bitcoin runs to $80,000, representing a new ATH for the flagship crypto.
However, Hougan stated that after the Monday BTC rally to $67,000, he was no longer sure that market participants would have to wait that long before the price rally to that target occurred. He claimed the rally showed that many people don’t want to be left behind if and when crypto takes off.
He added,
There is a lot of dry powder on the sidelines. As soon as we get any whiff of clarity, I think we go higher fast.
Matt Hougan indicated that Monday’s Bitcoin rally was primarily thanks to Kamala Harris declaring her support for crypto. CoinGape reported that Harris finally affirmed her support for crypto, as she promised to protect black men who invest in and own cryptocurrencies.
Although this wasn’t the kind of support many in the crypto industry hoped for, the Bitwise CIO stated that it is still good news as it shows that Kamala Harris knows that crypto exists and isn’t going away.
According to him,
…That little sliver of good news was enough to send bitcoin up 5%. Enough to push more than $500 million into bitcoin ETFs. Enough for people to start wondering if crypto is finally going to make an assault on all-time highs.
Standard Chartered Makes Similar Prediction
Standard Chartered also made a prediction similar to the Bitwise CIO. The Bank’s Head of Research, Geoff Kendrick, predicted that Bitcoin could rise to $73,800 before the November 5 US elections. He explained that this could happen due to several factors, including the increased interest in the Spot Bitcoin ETFs and Donald Trump leading in the polls.
Like Matt Hougan, Kendrick raised the possibility of BTC rising to $80,000, noting that there are currently call options at that price target. Kendrick had earlier in the year predicted that the flagship crypto could reach $150,000 by year-end if Trump wins the election. The latest Polymarket data shows that Donald Trump has a 57.7% chance of becoming the next US President.
Meanwhile, based on trading firm QCP Capital’s analysis, Bitcoin is unlikely to reach a new ATH until January of next year. QCP Capital noted that the Monday BTC rally indicates that the crypto is again following historical trends. In the 2016 and 2020 election years, the crypto began its price rally about three weeks before the elections but didn’t reach a new ATH until January next year.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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