3 Reasons Why A Bitcoin All-Time High Before The Election Is Back In Play

Benzinga · 10/15 15:02

Bitcoin (CRYPTO: BTC) might be on the brink of hitting its highest value ever as the U.S. presidential election approaches.

What Happened: According to a prediction from Standard Chartered’s Geoff Kendrick, as reported by The Block, Bitcoin could reach its previous peak of $73,800, citing several factors:

  • A steepening U.S. Treasury yield curve: the yield curve shift, driven by stronger-than-expected U.S. CPI data, indicates market volatility and opens up the possibility of slower interest rate cuts.
  • Growing interest in Bitcoin spot ETFs: U.S. spot Bitcoin ETFs experienced their largest single-day net inflows since June on Monday, totaling $555.8 million. Increased activity around Bitcoin call options at the $80,000 strike price suggests institutional investors are positioning for a significant upward move.
    polymarket.
  • Increasing odds of a Donald Trump victory in the November election: Trump’s chances of winning have increased to 57%, according to Polymarket, a prediction platform backed by Trump-Vance ally Peter Thiel. This could significantly impact Bitcoin’s momentum with only three weeks left before the election. The probability of a Republican sweep, where Trump wins and the Republican party controls both the Senate and the House, stands at 39%.
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Read Also: Mark Cuban Dismisses Dogecoin Founder’s Concerns: Kamala Harris Is ‘Night And Day Away From Biden And Far Ahead Of Trump’ On Crypto Understanding

Why It Matters: Standard Chartered analysts have previously noted that Bitcoin’s recent price movements reaffirm its role as a hedge against traditional financial system issues rather than geopolitical tensions.

Kendrick has previously forecasted suggest a potential tripling of Bitcoin's value under a Trump administration, indicating that political outcomes could significantly impact cryptocurrency markets.

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