Bitcoin Predicted to Break New ATH Before US Election, Here's Why!

Bittime - Bitcoin price is back in the world spotlight. This time, a surprising prediction came from Bitwise's Chief Investment Officer (CIO), Matt Hougan. Check out the review!

Hougam projects that Bitcoin can break its all-time high (ATH) before the US (United States) election on November 5 2024. This statement comes amidst the increasingly heated US election campaign and political support that is starting to flow into the world of crypto assets.

Matt Hougan, in his weekly memo, revealed that previously the market predicted Bitcoin would reach ATH after the election with the price touching $80,000 (Rp. 1.24 billion). 

However, the surge in Bitcoin prices to $67,000 (Rp. 1.04 billion) last Monday made Hougan change his mind. According to him, market euphoria seems to be getting stronger, and many investors do not want to be left behind in the price spike that could occur at any time.

So, what are the reasons Bitcoin could reach ATH before the US Election? This is the explanation.

Effects of Kamala Harris' Support

One of the important factors behind the recent surge in Bitcoin prices is US Vice President Kamala Harris' statement expressing support for crypto. 

Although he does not explicitly support the entire crypto ecosystem, Harris emphasized that he will fight for the rights of black investors who are active in crypto investments. This step is seen as a positive signal, that the US government is increasingly aware of the existence and importance of these digital assets.

Read also: BlackRock CEO: US President Won't Influence Bitcoin

"While this isn't the kind of support many people were hoping for, it still shows that crypto isn't just going to disappear," Hougan explained. 

He also added that just a bit of good news like this was enough to move the market, with more than $500 million (Rp. 7.75 trillion) flowing into Bitcoin ETFs in a short time.

Bitcoin Price Predictions from Standard Chartered and US Elections

Optimism towards Bitcoin also comes from Standard Chartered Bank. The bank's Head of Research, Geoff Kendrick, projects that the price of Bitcoin could reach $73,800 (Rp. 1.14 billion) before the US election. 

According to him, the main driving factors are the increasing interest in spot-based Bitcoin ETFs and Donald Trump's increasingly strong position in electability surveys.

Kendrick also opened up the possibility that Bitcoin could touch $80,000 (Rp. 1.24 billion), considering the many call options pegged at that price. 

Balso: Negative Ethereum Trading Sentiment Is Stronger Than Bitcoin

He even estimates that if Trump wins the election, the price of Bitcoin could soar to $150,000 (Rp. 2.33 billion) by the end of the year. Based on the latest Polymarket data, Trump's chances of becoming US President again have now reached 57.7%.

Bitcoin Price Analysis from QCP Capital

However, not all parties are completely optimistic. Trading firm QCP Capital stated that although Bitcoin shows an upward pattern similar to the trend in previous election years, the ATH will likely not be reached until January 2025. 

They note that in both 2016 and 2020, Bitcoin experienced a price spike about three weeks before the election, but record highs were not reached until several months later.

Conclusion

Phe biggest question is when will Bitcoin actually break its new ATH? Given various factors such as the US election, political support, and increasing interest in Bitcoin ETFs, analysts agree that Bitcoin's near future is full of opportunities. 

However, as always, the volatility of the crypto market means that everything can change in an instant.

Will Bitcoin set a new record before or after the US election? What is clear is that the world's attention is now focused on this crypto movement, and investors are advised to remain vigilant in making investment decisions amidst market euphoria.

How to Buy Crypto on Bittime

Want to trade sell buy Bitcoins and crypto investment easily? Bittime is here to help! As an Indonesian crypto exchange officially registered with Bappebti, Bittime ensures every transaction is safe and fast.

Start with registration and identity verification, then make a minimum deposit of IDR 10,000. After that, you can immediately buy your favorite digital assets!

Check the exchange rate BTC to IDR, ETH to IDR, SOL to IDR and other crypto assets to find out today's crypto market trends in real-time on Bittime.