Bitwise CEO: "Trump Win Could Push Bitcoin to $92,000"
Bitwise's Head of Alpha Strategy Jeff Park has predicted that Bitcoin could surge to $92,000 if Donald Trump wins the upcoming US presidential election.
On October 22, Bitwise's Head of Alpha Strategy Jeff Park used Bitcoin price movements and Donald Trump winning odds on prediction platform Polymarket, combined with a merger probability model, to conclude that if Donald Trump wins the upcoming US presidential election, Bitcoin could surge to $92,000.
In a post on the X platform, Jeff Park wrote: "I predict a Trump win could send BTC to around $92,000."
Park's prediction is in line with the views of many other experts, with Bitcoin millionaire Erik Finman also expressing his strong belief that:
"Bitcoin could surpass $100,000 if Trump wins, as his policies are expected to spark growth for the entire cryptocurrency market."
Analysts from research, brokerage and investment firm AllianceBernstein also said that Bitcoin is being viewed as "a Trump bet." Accordingly, the outcome of the US presidential election in November will be the deciding factor in whether Bitcoin is worth $30,000 or $90,000.
However, not everyone is optimistic about this prospect, with billionaire Mark Cuban, a Kamala Harris supporter, warning that if Trump wins, the crypto market may only boom for a few weeks before turning sharply lower. Cuban said that some of Trump's economic policies, such as import tariffs, could cause inflation and negatively affect Bitcoin prices in the long term.
Over the past week, Bitcoin has had an impressive recovery, rising from $62,900 on October 14 to $69,000 on October 24 - its highest level since late July 2024. At the same time, the market dominance rate (Bitcoin Dominance) also set a new high at 59%. However, at the moment, Bitcoin price has adjusted down to $67,200, after Bitcoin ETFs recorded $79.1 million in outflows, ending a 7-day consecutive increase streak.
It can be seen that the cryptocurrency market is being greatly influenced by the election and predictions about a bright future for the crypto market are leaning towards Donald Trump with many statements about adopting crypto-friendly policies, pledging to turn the United States into the "crypto capital of the world" and affirming to support Bitcoin miners if elected in November.
Meanwhile, Ms. Kamala Harris has not yet clearly expressed a specific stance on cryptocurrency policy. Currently, she has only announced plans to build a legal framework for this field.
The betting odds on Polymarket for the 2024 US Presidential election are currently leaning towards Trump with 59.7% support compared to 40.3% betting odds for Harris after Mr. Trump left Ms. Harris far behind since October 11. The last time the incumbent Vice President surpassed Mr. Trump was in early August 2024.
