Will Bitcoin Surpass Its All-Time High Before the U.S. Elections?

Matt Hougan, the Chief Investment Officer at Bitwise, recently speculated whether Bitcoin could reach a new all-time high (ATH) before the upcoming U.S. elections.

He pointed to Vice President Kamala Harris’s support for the crypto space as a potential catalyst for market movement.

In a recent memo, Hougan noted that while Bitcoin was previously thought to need to wait until after the elections to hit around $80,000, a recent surge to $67,000 made him reconsider that timeline. He highlighted that this rally reflects a growing eagerness among investors to capitalize on potential crypto gains. According to Hougan, significant capital remains uninvested, and any sign of clarity in the market could lead to rapid price increases.

Harris’s recent declaration of support, while not the expected endorsement, was sufficient to boost Bitcoin’s value by 5% and attract over $500 million into Bitcoin ETFs. This indicates a recognition of the crypto sector’s relevance.

Similarly, Geoff Kendrick from Standard Chartered predicts Bitcoin may rise to about $73,800 ahead of the November 5 elections, citing interest in spot Bitcoin ETFs and Trump’s favorable polling as influencing factors. He also mentioned that Bitcoin could target $80,000, particularly with options trading at that level. Kendrick had earlier suggested that Bitcoin might soar to $150,000 by the end of the year if Trump wins.

In contrast, QCP Capital anticipates Bitcoin won’t reach a new ATH until January, citing historical trends from previous election years, where significant price increases occurred weeks before elections, but ATHs were typically established the following January.