Jeff Park, Head of Alpha Strategies at Bitwise, has projected that Bitcoin BTC/USD could skyrocket to $92,000 in the event of a Donald Trump election victory.
What Happened: In a post on X on Tuesday, Park used a merger arbitrage-style probability model, tying Bitcoin’s price fluctuations to Trump’s election odds to calculate that if Trump wins, Bitcoin’s price could hit approximately $92,000.
As of now, Polymarket data shows Trump's winning odds at 63.7%, compared to Kamala Harris at 36.4%. Back in September, analysts at Bernstein predicted a “Trump Trade” could push Bitcoin to $80,000–$90,000 in the year’s final quarter.
Also Read: Bitcoin Takes Aim At All-Time Highs: What Does It Mean For Altcoins?
Why It Matters: Park’s prediction aligns with Bitwise Chief Investment Officer Matt Hougan's bullish outlook on Bitcoin, who has also forecasted the cryptocurrency reaching six figures by 2025.
Hougan highlighted key factors, including Bitcoin’s recent halving event and positive market conditions expected for late 2024. He further noted strong institutional interest, especially with Bitcoin spot ETFs gaining traction faster than any new ETF in history.
In early September, Hougan refuted an analyst's claim that investment advisors were not buying Bitcoin spot exchange-traded funds in great numbers. He argued that investment advisors were adopting Bitcoin ETFs faster than any new ETF in history.
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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