Bitwise Predicts New Bitcoin ATH Before US Elections

Matt Hougan suggested in his latest weekly memo that BTC could hit a new ATH before the US elections.

Matt Hougan, Bitwise’s Chief Investment Officer (CIO), has predicted that Bitcoin could hit a new all-time high (ATH) before the US election. This comes as Kamala Harris has finally shown her support for crypto, promising to protect black men who invest in and own cryptocurrencies.

According to Hougan, this news, coupled with the recent market rally, could indicate that BTC is gearing up for a run to $80,000. He noted that the market participants might have to wait until after the elections for this to happen, but Monday’s rally made him question whether they would have to wait that long.

Hougan has highlighted the impact Kamala Harris’ support could have on the market as the US presidential elections draw closer. In his latest weekly memo, he suggested that BTC could hit a new ATH before the US elections.

In his latest weekly memo, the Bitwise CIO suggested that market participants might have to wait until after the elections before Bitcoin runs to $80,000, a new ATH for the flagship crypto. However, after Monday’s BTC rally to $67,000, Hougan said he was no longer sure that market participants would have to wait that long before the price rally to that target.

According to him, the rally showed that many people don’t want to be left behind if and when crypto takes off. He added, “There is a lot of dry powder on the sidelines. As soon as we get any whiff of clarity, I think we go higher fast.”

The CIO indicated that Monday’s Bitcoin rally was primarily thanks to Kamala Harris finally declaring her support for crypto. As CoinGape reported, Harris finally affirmed her support for crypto, promising to protect black men who invest in and own cryptocurrencies.

While this was not the kind of support many in the crypto industry hoped for, the Bitwise CIO stated that it is still good news as it shows that Kamala Harris knows that crypto exists and isn’t going away. According to him, “…That little sliver of good news was enough to send bitcoin up 5%. Enough to push more than $500 million into bitcoin ETFs. Enough for people to start wondering if crypto is finally going to make an assault on all-time highs.”

Standard Chartered has also made a prediction similar to the Bitwise CIO. The Bank’s Head of Research, Geoff Kendrick, has predicted that Bitcoin could rise to $73,800 before the November 5 US elections. He explained that this could happen due to several factors, including the increased interest in the Spot Bitcoin ETFs and Donald Trump leading in the polls.

Like Matt Hougan, Kendrick raised the possibility of BTC rising to $80,000, noting that there are currently call options at that price target. Kendrick had earlier in the year predicted that the flagship crypto could reach $150,000 by year-end if Trump wins the election. The latest Polymarket data shows that Donald Trump has a 57.7% chance of becoming the next US President.

Meanwhile, based on trading firm QCP Capital’s analysis, Bitcoin is unlikely to reach a new ATH until January of next year. QCP Capital noted that the Monday BTC rally indicates that the crypto is again following historical trends. In the 2016 and 2020 election years, the crypto began its price rally about three weeks before the elections but didn’t reach a new ATH until January next year.

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