Standard Chartered predicts Bitcoin to rise to $125k on Trump win

Bitcoin could hit $125,000 by the end of the year if Republicans take control of the United States Congress after the Nov. 5 election, according to Standard Chartered Bank analyst Geoff Kendrick.

With speculation about the US election and Bitcoin (BTC) prices nearing insanity, Kendrick shows himself as a bully against Republicans.

Trump's upheaval seems powerful

Kendrick BTC will reach $73,000 on November 5, election day. If Republican former President Donald Trump is elected for a second term, Kendrick thinks BTC will increase by around 4% when the results are announced, based on options data, and another 10% increase in a few days. Kendrick wrote in the note:

“Our base case is that Bitcoin will rise to $73,000 on Election Day, holding the betting-market odds of a Trump victory; that's below the all-time high of $73,800 in March.”

If current vice president Kamala Harris is elected president, Kendrick said BTC will trade lower for a while, but end the year at $75,000. RealClearPolitics currently puts Trump's odds of winning at 59%, and Polymarket gives Trump a 75% chance of winning.

Related: US banks back Trump but expect Harris to win – US Banker

Crypto is correct.

Polymarket Odds has bet more than $20 million on a Trump win in a recently announced but unnamed well.

Although Ripple founder Chris Larson was an exception, he donated $11 million worth of XRP (XRP) to the Harris campaign.

Kendrick isn't the only commentator who has a lot of faith in Trump. An executive at crypto asset manager Bitwise predicted that BTC would reach $92,000 by the time Trump wins. Crypto exchange Deribit predicted that BTC would reach $80,000 by the end of November with a Trump victory.

Less optimistic observers, such as BlackRock CEO Larry Fink, said BTC would rise regardless of the outcome of the election.

Magazine: Bitcoiners are ‘all in' on Trump since Bitcoin '24, but it's getting dangerous.