Source: investopedia.com
In Short:
- Bitcoin may reach a new high before the US election, according to Bitwise CIO Matt Hougan, because Kamala Harris is supporting cryptocurrency.
- Geoff Kendrick of Standard Chartered predicts a price hike to $73,800.
- Despite Bitcoin’s volatility and political developments, investors should exercise caution.
- According to a recent prediction by trading firm QCP Capital, a new Bitcoin ATH might not occur until the following year.
Matt Hougan, the Chief Investment Officer at Bitwise, has issued a forecast. He thinks the price of Bitcoin might hit a new record high. This might occur before the US election. As the US presidential election approaches, he recognizes the possible effect of Kamala Harris’ backing on the market.
Bitwise Forecasts a New Bitcoin High Prior to the US Elections
Matt Hougan | Source: CoinDesk
In his most recent weekly memo, Matt Hougan hinted that Bitcoin would reach a new all-time high prior to the US elections. The Bitwise CIO hinted in the weekly memo made public last week that market participants may need to wait until after the elections before Bitcoin reaches an all-time high of $80,000.
Hougan, however, said he was no longer certain that market players would have to wait so long for the price to recover to that level following Monday’s BTC rally to $67,000. According to him, the rally demonstrated that many individuals do not wish to fall behind if and when cryptocurrency gains popularity.
He went on,
The sidelines are covered in dry powder. I believe we rise quickly as soon as there is even the slightest hint of clarity.
According to Matt Hougan, Kamala Harris’ announcement of her support for cryptocurrencies was the main factor in Monday’s Bitcoin rise. Harris stated her support for cryptocurrencies, according to CoinGape. She promised to defend Black guys who own and invest in cryptocurrency.
It’s still fantastic news, the Bitwise CIO said, even though this wasn’t the kind of backing that many in the crypto business had hoped for. The fact that Kamala Harris acknowledged the existence of cryptocurrency is encouraging because it indicates that it isn’t going away.
In his opinion,
Bitcoin rose 5% as a result of that small bit of positive news. That was enough to generate over $500 million in investments in the bitcoin ETF. Enough that people are beginning to question whether cryptocurrency will eventually attack its all-time highs.
