Bitcoin has seen a sudden surge, surpassing $65,000, as a “perfect storm” appears to be brewing in the crypto market, Forbes reports.
The price spike follows two key developments: BlackRock, the world’s largest asset manager, received approval for a major Bitcoin initiative, and Federal Reserve Chair Jerome Powell made a significant announcement that has bolstered market sentiment.
As traders respond to growing uncertainty around the US dollar and potential changes in the political landscape, some analysts are now predicting Bitcoin could reach $100,000, especially in the wake of the upcoming US presidential election. According to Geoffrey Kendrick, head of crypto research at Standard Chartered, interest in Bitcoin options at the $100,000 level has been building at a rapid pace, driven by factors beyond just the recent price rise.
Kendrick attributes part of the enthusiasm to comments made by Vice President Kamala Harris, the Democratic Party’s 2024 presidential nominee, who expressed support for emerging technologies like digital assets. Harris has indicated she would promote crypto innovation while also ensuring consumer protections if she wins the election. These remarks have fueled speculation that Bitcoin could continue to perform strongly regardless of the election outcome.
Kendrick predicts a Bitcoin price surge to $125,000 if former President Donald Trump is re-elected, with a more modest rise to $75,000 if Harris wins. Trump’s endorsement of Bitcoin and his pledge to create a US Bitcoin strategic reserve have further bolstered optimism among crypto traders. Although Harris’ endorsement of crypto was less enthusiastic, some in the industry see it as progress toward regulatory clarity, which could encourage market growth.
Bitcoin’s rapid rise comes on the heels of the Federal Reserve’s recent interest rate cut, adding to the bullish sentiment.
