Bitcoin (BTC) Price Prediction: BTC to Hit $100K Despite Potential Headwinds from Kamala Harris Victory in 2024 Election

Bitcoin (BTC) has dipped below $69,000 after failing to hold above $70,000 last month. Although this may seem bearish, there are predictions that Bitcoin could still reach $100,000 in the near future

Bitcoin (BTC) price has dropped below $69,000 after failing to stay above the $70,000 level last month. Despite this bearish indication, some predictions still suggest that Bitcoin could rally to $100,000 in the near term, driven by key market factors and economic trends.

Mark Yusko, founder and managing director of Morgan Creek Capital, recently discussed Bitcoin’s outlook on the ‘ThinkingCrypto’ podcast. Yusko expressed his view that a Kamala Harris victory in the 2024 presidential election could negatively impact Bitcoin’s price, especially if Gary Gensler remains as SEC Chair and enacts stricter regulations on the crypto sector.

According to Yusko, if Gensler continues to lead the SEC, we can expect tighter crypto regulations, which could lead to declines in Bitcoin's price. However, he ultimately remains optimistic in the long term, stating that Bitcoin’s value stands to benefit from the ongoing devaluation of the U.S. dollar, a consequence of current economic policies like money printing and deficit spending.

Yusko’s analysis suggests that Bitcoin could act as a hedge against inflation if current economic policies persist. He also noted how the asset's positioning as a store of value might be bolstered as the U.S. dollar faces devaluation pressures.

Bitcoin in Six Figures: Anticipating the Halving Effect

In his discussion of Bitcoin’s halving cycle, Yusko pointed out that BTC has historically rallied about 178 days following each halving. Given that the latest halving occurred in April 2024, he anticipates that Bitcoin is due for a substantial increase soon.

Also read: Bitcoin to $200K by 2025, Bernstein Predicts, Irrespective of 2024 U.S. Election Results

Anticipations are that Bitcoin will reach prices between $110,000 and $120,000 by mid-December. He attributes this to increasing interest from institutions and Bitcoin spot ETFs, which is expected to drive further demand. The holiday season also tends to be a bullish period for BTC.

As Bitcoin ascends, Yusko cautioned that corrections could be significant during bearish phases. He currently pegs Bitcoin’s fair value at between $80,000 and $100,000. At the time of writing, BTC trades at $68,758.02, down 6.8% from its all-time high of $73,750 in March, according to CoinMarketCap.

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