3 Reasons A Pre-Election Bitcoin All-Time High Is Back In Play

Bitcoin BTC/USD could be on the verge of reaching its highest ever in the run-up to the US presidential election.

What happened: According to a prediction by Standard Chartered’s Geoff Kendrick, as The Block reports, Bitcoin could reach its previous high of $73,800, citing several factors:

• A steeper US Treasury yield curve: The yield curve shift caused by stronger-than-expected US CPI data points to market volatility and raises the possibility of slower rate cuts.
• Growing Interest in Bitcoin Spot ETFs: U.S. spot Bitcoin ETFs posted their largest single-day net inflows since June on Monday, totaling $555.8 million. The increasing activity surrounding Bitcoin call options at the $80,000 strike price suggests that institutional investors are bracing for a significant upside.
  Polymarket.
• Increasing chances of a Donald Trump Winning the November election: Trump’s odds of winning have risen to 57%, according to Polymarket, a forecasting platform backed by Trump-Vance allies Peter Thiel. This could significantly impact Bitcoin’s momentum as there are only three weeks left until the election. The probability of a Republican election victory, in which Trump wins and the Republican Party controls both the Senate and the House of Representatives, is 39%.

Also Read: Mark Cuban dismisses Dogecoin founder’s concerns: Kamala Harris is ‘night and day away from Biden and way ahead of Trump’ when it comes to understanding cryptocurrencies

Why it matters: Analysts at Standard Chartered have previously noted that Bitcoin’s recent price movements reinforce its role as a hedge against traditional financial system problems rather than geopolitical tensions.

Kendrick has previously predicted that Bitcoin’s value could potentially triple under a Trump administration, suggesting that political outcomes could have a significant impact on cryptocurrency markets.

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