Wed Nov 06 14:04:42 UTC 2024: ## Bitcoin Surges as Trump’s Election Odds Improve, Analysts Eye $80,000-$90,000 Target

**New Delhi, India:** Bitcoin’s price reached a record high, topping $75,000, as former President Donald Trump’s chances of winning the US election improved, boosting pro-crypto sentiment. The cryptocurrency surged on optimism that a Trump victory could propel the digital asset sector forward, thanks to his campaign promises to make the US a global crypto hub.

Bitcoin, often considered a “Trump trade,” saw an 8% overnight jump as Trump gained leads in key states, according to global news publications. This recent rally mirrors the fluctuations in Bitcoin’s price, which has closely tracked Trump’s standing in betting markets.

Analysts at Bernstein expect Bitcoin to soar to $80,000-$90,000 within the next two months if Trump wins. However, a Harris victory might introduce downside risk, potentially pushing the price down to $50,000, Bernstein analysts said.

Despite the election-related volatility, Bernstein remains bullish on Bitcoin in the long term, maintaining a $200,000 target by the end of 2025, citing strong demand drivers such as institutional adoption and spot-Bitcoin ETF inflows.

Standard Chartered analyst Geoff Kendrick projects Bitcoin could end the year at $125,000 under a Trump administration, while a Harris victory might temper the rise, with prices expected around $75,000.

Traders are bracing for heightened volatility in the Bitcoin market as election results continue to come in. Implied volatility, measured through Bitcoin options, has reached the highest levels since July, with traders preparing for swings of 8% in either direction.

In addition to election-related factors, Bitcoin has benefitted from a historic inflow into spot-Bitcoin ETFs this year, with $23.6 billion flowing into funds from issuers such as BlackRock and Fidelity, boosting confidence in Bitcoin’s status as a key alternative asset.

The cryptocurrency industry anticipates a clearer regulatory framework after years of enforcement actions under President Joe Biden’s administration.

**Disclaimer:** This article is for informational purposes only and should not be considered investment advice. Please consult with a qualified financial advisor before making any investment decisions.

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