Bitcoin may reach record highs on US election day

Jeff Kendrick, director of cryptocurrency research at Standard Chartered, said that immediately after the US presidential election, bitcoin could exceed its all-time high of $ 73,000.

Jeff Kendrick explained that if the US Republican Party candidate Donald Trump wins, bitcoin quotes could grow by 4% immediately after the preliminary results are announced. In the following days, the price of the first cryptocurrency may rise by another 10%.

«We use bitcoin’s daily turnover and popular strike price levels to estimate the movement of quotes after the election. My baseline scenario is that the price of digital gold will be around $ 73,000 on Election Day,» Kendrick said.

If the Republicans win the Senate and Congress, then the price of bitcoin could be around $ 125,000 by the end of the year. Conversely, if the Democratic candidate Kamala Harris wins the election, the cryptocurrency’s rate could plummet, but reach $ 75,000 by the end of the year.

«According to RealClearPolitics, the current chances of Trump’s victory are estimated at 59%, while other estimates indicate a 75% probability,» said a top manager at Standard Chartered.

According to him, the drop in the price of digital gold that occurred a few days ago is likely to be the last decline before the US presidential election.