Bitwise CIO Matt Hougan suggests that Bitcoin could hit an all-time high before the US elections. Recent market momentum, sparked by Kamala Harris’ supportive stance on cryptocurrency, has driven speculation about a swift price surge to $80,000.

Bitcoin Rally Fueled by Election Speculation

A new all-time high for Bitcoin might be possible before the US elections, according to Matt Hougan's most recent weekly memo.

According to last week's weekly report from the Bitwise CIO, market players may need to wait until after the elections for Bitcoin to reach $80,000, which would be a new all-time high for the flagship cryptocurrency.

$67,000 Rally Sparks Optimism

On the other hand, Hougan said that he was no longer certain that market players would have to wait so long before the price climb to that target materialized after Monday's BTC rally to $67,000. He asserted that the rise demonstrated the widespread desire to avoid falling behind in the event of a crypto bubble.

Additionally, he mentioned,

“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.”

Kamala Harris Boosts Crypto Sentiment

The announcement by Kamala Harris of her support for cryptocurrency, according to Matt Hougan, was the primary factor in Monday's Bitcoin rise. According to CoinGape, Harris has pledged to defend Black men who invest in and own cryptocurrency, so confirming her support for the cryptocurrency market.

Even though many in the crypto business were hoping for a different form of support, the Bitwise CIO still thinks it's good news because it proves that Kamala Harris is aware that crypto exists and isn't going anywhere.

He asserts that

“…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 Aligns With Bitwise

Just like the Bitwise CIO, Standard Chartered predicted this. According to Geoff Kendrick, Head of Research at the Bank, Bitcoin's value might reach $73,800 in the days leading up to the US midterm elections on November 5. He listed a number of possible causes for this, including Trump's rising popularity and the surge in interest in Spot Bitcoin ETFs.

Kendrick, echoing Matt Hougan, has voiced his belief that Bitcoin's price might reach $80,000 in the near future, pointing out that there are already call options set for that amount. If Trump is elected, the flagship cryptocurrency, according to Kendrick earlier this year, might hit $150,000 by the end of the year. The most recent numbers from Polymarket put Donald Trump's chances of becoming the next US president at 57.7 percent.

QCP Capital Suggests Delayed ATH

Bitcoin, meantime, is not expected to hit a new all-time high (ATH) until January of next year, according to research from trading firm QCP Capital.

The Monday BTC rise, as pointed out by QCP Capital, shows that the cryptocurrency is once again following historical trends. Starting approximately three weeks prior to the elections in both 2016 and 2020, the cryptocurrency's price began to rise, but it didn't hit a new all-time high (ATH) until January of the following year.