Standard Chartered Anticipates Bitcoin Soaring to $125K if Trump is Elected

According to Standard Chartered Bank analyst Geoff Kendrick, Bitcoin could potentially reach $125,000 by year-end if the Republican Party secures a dominant position in the United States Congress following the November 5 elections.

Amid increasing speculation regarding the US elections and Bitcoin (BTC) prices, Kendrick expresses a bullish sentiment towards the Republicans.

*Geoff Kendrick’s BTC price forecast. Source: Standard Chartered Bank*

The Trump effect is showing strong potential

Kendrick anticipates that BTC will hit around $73,000 by November 5, coinciding with the elections. Should former President Donald Trump be re-elected, Kendrick believes Bitcoin could rise approximately 4% upon the announcement of the results, and see an additional boost of 10% within a few days. He noted:

“Our baseline projection is that Bitcoin will reach around USD 73,000 by Election Day, aligning with betting-market expectations of a Trump victory; this is slightly below the c.USD 73,800 all-time high achieved in March.”

If current Vice President Kamala Harris assumes the presidency, Kendrick predicts that BTC may decline temporarily, although it could conclude the year at roughly $75,000. He points out that RealClearPolitics currently assigns a 59% probability to a Trump win, while Polymarket estimates Trump has a 75% chance of victory.

Related: US bankers favor Trump but anticipate a Harris victory — American Banker

Crypto leaning conservative

Recent reports indicate that Polymarket’s odds were influenced by a significant, unnamed whale who wagered over $20 million on Trump’s victory.

The cryptocurrency community generally views Trump as more beneficial for them than Harris, although Ripple co-founder Chris Larsen stands out as an exception, having contributed XRP (XRP) valued at $11 million to Harris’s campaign.

Kendrick is not alone in his optimistic view of Trump’s potential influence. An executive at crypto asset manager Bitwise has projected that BTC could reach $92,000 if Trump wins. Similarly, crypto exchange Deribit predicts BTC may soar to $80,000 by the end of November if Trump comes out victorious.

On the other hand, some more cautious analysts, like BlackRock CEO Larry Fink, suggest that BTC will rise irrespective of the election outcomes.