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XRP Bent Fork: Expert Identifies 2 Crucial Zones XRP Must Breach to Claim $17

Sam Wisdom Raphael
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XRP Bent Fork: Expert Identifies 2 Crucial Zones XRP Must Breach to Claim $17

Crypto analyst EGRAG has discussed zones XRP must breach to sustain an upward momentum toward a two-digit figure, using a structure he calls the “Bent Fork.”

For context, the Bent Fork is a unique pattern EGRAG first introduced last June. The analyst has continued to observe XRP price movements in relation to the structure, with the updated chart highlighting adjusting its peak to $17, from the previous $15.

The XRP Bent Fork

Data from the chart confirms that the Bent Fork provides a macro-level look at XRP’s price behavior, tracing its performance on a monthly timeframe. 

The chart outline features four different curved yellow trendlines or zones (labeled A, B, C, and D), creating a “bent fork” shape. Each curve marks potential price levels for XRP, with trendline D at the top, suggesting the $17 target.

XRP Bent Fork EGRAG Crypto
XRP Bent Fork | EGRAG Crypto

Notably, the chart spotlights XRP’s long-term price accumulation and indicates possible breakout points. According to EGRAG, the $1 and $3.5 levels are important milestones XRP needs to surpass to build a solid foundation for future growth.

First Resistance at Zone B

Notably, XRP currently trades above Zone A, which currently acts as support should the bears trigger any price drop to lower levels. Zone B sits immediately above Zone A, aligning with the $1.1 price, which represents the first resistance to break.

EGRAG noted that this $1 level marks a structural and psychological resistance for XRP. XRP has battled to reclaim this level since its drop below $1 in December 2021. 

Breaching this mark would signal strength, as it would suggest that XRP is breaking free from the long accumulation phase that began around April 2022. This accumulation phase has now spanned 950 days, and a breakout would represent XRP’s first push toward the $17 target.

Second Resistance at Zone C

A breach of Zone B would allow XRP to make its way toward Zone C, which represents the second resistance level. This zone aligns with an important price level at $3.5, near XRP’s all-time high, achieved in January 2018. 

According to EGRAG, this level acts as a major resistance zone on a macro scale. A breakthrough past $3.5 would validate the bullish trend and possibly establish this level as a potential new support zone. He believes closing above this level could mark a structural shift.

XRP Targets $17

Meanwhile, above Zone C, the Bent Fork’s upper trendline at Zone D targets an ambitious peak of $17, which EGRAG describes as the ultimate goal of this analysis. 

Achieving this level would require a massive 3,265% spike in XRP’s current price. However, EGRAG warned that hitting $17 may lead to a massive retracement in a bear market scenario. Historical data shows that XRP could face an 80% pullback, returning to around $3.5. 

In such a retracement, $3.5 would serve as the next accumulation or consolidation zone. Holding above this level could offer support during the next market downturn. At press time, XRP currently trades for $0.5052, down 0.45% over the past 24 hours.

Expert Says Those Who Think XRP is a Better Investment Than Bitcoin Are Out of Their Minds

Abdulkarim Abdulwahab
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Expert Says Those Who Think XRP is a Better Investment Than Bitcoin Are Out of Their Minds

JayDee, a widely followed analyst, has boldly asserted that XRP influencers and analysts who argue that XRP is a better investment than Bitcoin are “out of their minds.”

The market expert shared this strong opinion in a post on X after analyzing the historical chart of the XRP/BTC pair. JayDee pointed out that over the last six years, XRP’s price relative to Bitcoin has shown a massive negative trend, with XRP down by 97% against BTC.

How XRP/BTC Reached a Historic Low

JayDee’s chart revealed that XRP outperformed Bitcoin in the last quarter of 2017 and into early 2018, with the XRP/BTC ratio peaking at 0.00024 BTC. Specifically, XRP surged by 1,820%, climbing from $0.20 in October 2017 to $3.84 in January 2018. Meanwhile, Bitcoin saw a weaker uptrend, rising by 336% from $4,600 to $20,089 during the same period.

However, when the bear market set in after the bull run, XRP experienced a more dramatic decline than Bitcoin. As Bitcoin recovered, XRP failed to keep pace and continued to lag.

JayDee’s chart shows that the XRP/BTC ratio, which was at 0.00024 BTC in early 2018, plummeted to 0.00000949 by August 2024 — a 97% drop against Bitcoin. According to recent data, the gap has even widened, with the XRP/BTC ratio now sitting at 0.00000741 BTC.

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Essentially, since XRP reached its all-time high in 2018, its price has fallen much faster than Bitcoin during bear cycles and failed to recover at the same pace as BTC. This has placed XRP even further behind Bitcoin in terms of performance.

This is further highlighted by the fact that Bitcoin traded near its all-time high last week at around $73,000, while XRP was priced at just $0.53 — 85% below its own all-time high.

Given the significant disparity in performance between XRP and Bitcoin, JayDee emphasized that market commentators who believe XRP is a better investment than Bitcoin are simply misguided.

JayDee also noted he has realized returns of 4x to 33x in recent times. In contrast, he pointed out that the XRP Army has only seen modest 1x returns over the past six years, suggesting that XRP may not be the promising investment many in the community claim it to be.

Is It Time to Flip from Bitcoin to XRP?

Meanwhile, despite his critique, JayDee remains cautiously bullish on XRP, acknowledging that its seven-year-long consolidation could set the stage for a strong bull run.

In recent updates, he has suggested that market participants consider shifting the gains from Bitcoin investments into XRP, noting that the time may be right for such a “flip,” as the XRP/BTC ratio is around an all-time low.

Expert Predicts XRP Channel Leading to Massive Breakout

Elendu Benedict
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Expert Predicts XRP Channel Leading to Massive Breakout

Crypto market analyst Javon Marks has suggested that XRP is nearing a breakout from its multi-year symmetrical triangle.

In a tweet on Monday, Marks identified a similar pattern on XRP’s current chart that mirrored the asset’s famous 2017 breakout. With the similarity, the analyst implied that XRP would soon surge extensively as the break of structure is imminent.

Analyst Shows a Similar Channel Price Action

Marks shares an XRP/USD 14-day price chart, showing that history is on the verge of repeating. His analysis focused on XRP’s price action in the channel leading to the breakout.

XRP Analysis Javon Marks
XRP Analysis | Javon Marks

The market expert noted that before the December 2017 breakout, XRP ranged within its symmetrical triangle. However, it made a false breakdown in July 2017, breaking downwards from the price structure to a low of $0.12700 before closing within the triangle.

Marks shows a similar pattern in XRP’s current breakout channel, where the asset made a false breakdown in the same month as the 2017 cycle. The 7th largest cryptocurrency by market cap broke to a yearly low of $0.38249 in early July but recovered quickly to continue trending in the symmetrical triangle.

Meanwhile, the crypto analyst also pointed to the similarity in the relative strength indicator (RSI) while XRP traded in the breakout channel in both years. The RSIs in both years followed a similar structure, confirming Marks’ assertion of a potential recurring price explosion after the imminent breakout.

XRP Targets After Breakout

According to Marks’ chart, he expects XRP to target the symmetrical triangle top after the breakout, as the asset did in 2017. As a result, XRP will target its all-time high of $3.84, which is 86.8% away from its current market price.

Meanwhile, if this cycle’s breakout fully mirrors that seen eight years ago, XRP would surge 42,308% from its breakpoint. Notably, a surge of that magnitude will ensure that XRP explodes to $215.6 per coin. However, this price point is largely unlikely due to the resulting market cap.

In the meantime, XRP trades at $0.5083, down 2.82% in the past seven days. With the asset holding a seven-year support line, bullish sentiments continue to prevail among the XRP community.

Shiba Inu Can Surge 10x, Analyst Reveals Path for Massive Growth

Lele Jima
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Shiba Inu Can Surge 10x, Analyst Reveals Path for Massive Growth

Famous crypto analyst Zach Humphries highlights factors that could propel Shiba Inu’s market cap by a massive 10-fold. 

In an X post today, Humphries claimed that if Shiba Inu witnesses a 10x surge from its level at the time of the tweet, its market cap would hit an outstanding $100.7 billion. This would bring the price of SHIB to $0.000171. 

According to Humphries, Shiba Inu’s potential surge to the $0.000171 mark represents an increase of 899% from the present value. This suggests that SHIB was trading at $0.00001711 at the time of the tweet. 

It is worth mentioning that Humphries has been expressing confidence in Shiba Inu’s potential rally to the $100 billion target. In June, Humphries hinted that SHIB was on its way to a $100 billion market cap. At the time, the expert did not highlight any factor that could elevate the asset to this jaw-dropping valuation. 

Factors That Could Propel SHIB for a 10x Surge 

Meanwhile, in his latest projection, he provided insight into how Shiba Inu could surge by 10x to a valuation of $100 billion. 

Historical Performance 

First, Humphries referenced Shiba Inu’s historical performance, specifically in 2021. Recall that SHIB witnessed a remarkable surge in 2021, turning several low-income earners into overnight millionaires.

Last year, CoinGecko recounted how a $12 investment in SHIB surged to $1 million following a remarkable increase of 8,424,203% in 2021. 

While Humphries believes that Shiba Inu might not repeat this incredible performance, he projected that ‘OG’ memecoins, especially SHIB, will embark on another jaw-dropping increase when retail investors re-enter the market. 

Shiba Inu Brand Recognition

The analyst suggested that Shiba Inu has good brand recognition in the memecoin space, potentially making it the go-to asset for new investors seeking to invest in recognized meme-based tokens. 

Shiba Inu’s popularity in the crypto space has continued to surge thanks to its vibrant community. These users have created awareness around SHIB, projecting it as a viable investment vehicle for new investors. 

Consequently, Humphries indicated that many first-time memecoin investors will likely adopt tokens like SHIB that have good brand awareness. Amid growing demand from these new investors, Humphries expects SHIB to potentially hit a market cap of $100 billion. 

Shibarium Potential on SHIB 

According to Humphries, Shiba Inu’s Layer-2 blockchain Shibarium might impact SHIB’s price action. He indicated that Shibarium could drastically reduce SHIB’s circulating supply through burns. The L2 blockchain is designed to burn SHIB using a portion of its overall transaction fees. 

As more SHIB tokens are burned through Shibarium gas fees, Humphries suggested that the move would attract more investors to the asset this cycle, potentially driving its price upward. 

Ethereum Influence 

Lastly, the expert asserted that Shiba Inu is correlated with Ethereum (ETH) due to its ranking as a top ERC-20 token. Based on this correlation, Humphries expects the price of Shiba Inu to surge tremendously when Ethereum experiences a remarkable surge. 

For context, data from IntoTheBlock shows that Shiba Inu has an 81% correlation with Ethereum over the past 30 days. This indicates that ETH price action is highly likely to influence Shiba Inu’s performance. To put it into perspective, an upward price surge for Ethereum could also position SHIB for a rally and vice versa. 

Overall, Humphries believes that the aforementioned factors could set Shiba Inu up for a jaw-dropping rally to a $100 billion market cap, potentially pushing SHIB’s price to $0.000171. While the forecast looks enticing, Humphries warned that the analysis should not be considered financial advice. 

Shiba Inu Lead Announces New Proposal Directed at Forthcoming US President

Sam Wisdom Raphael
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Shiba Inu Lead Announces New Proposal Directed at Forthcoming US President

Shytoshi Kusama, the Shiba Inu lead developer, has released a proposal to the next U.S. president, looking to drive blockchain growth in the country.

The future of the U.S. crypto industry is on the line as Americans head to the polls to decide their next president. Despite most crypto industry leaders favoring Donald Trump, some believe Kamala Harris would take a more favorable crypto regulatory approach.

The S.H.I.B. Initiative 

Whoever the winner is, Kusama has set out a proposal that suggests a roadmap to make the United States a leader in blockchain through the establishment of a Strategic Hub for Innovation in Blockchain, called “S.H.I.B.”

According to Kusama’s proposal, the initiative will leverage blockchain to bolster economic growth, create jobs, and strengthen national security within the next five to ten years.

The proposal suggests an idea to develop a hub for blockchain innovation in the U.S. The “S.H.I.B.” plan looks to transform a U.S. city into the “Silicon Valley of Crypto,” which would be dedicated to blockchain development.

This hub would integrate physical and digital infrastructure. The plan is in sync with existing national objectives like sustainable practices, job opportunities, and an environment that advances the U.S. technological leadership.

Infrastructure and Economic Development

The S.H.I.B. proposal features several major focus areas. First, it presents a dual approach to infrastructure development that includes both physical and digital growth. This includes constructing modern labs and incubators. 

It also highlights secure data centers, high-speed connectivity, and on-chain nodes that support testing and application deployment. Infrastructure costs range from $700 million to $1.2 billion.

Economic, Talent and Regulatory Framework

Kusama’s proposal includes an economic framework to attract investments and businesses. The plan recommends tax incentives, grants, and investment-matching programs for blockchain startups and small businesses. 

In addition, it suggests public-private partnerships to help bridge the gap between the expertise in the private sector and resource from the government. These incentives would require an estimate of $300 million to $600 million.

The S.H.I.B. plan also proposes partnerships with universities to create certificate and degree programs in blockchain. Additional measures include investments in K-12 STEM education and others. Talent development efforts could cost between $100 million and $200 million.

Further, Kusama proposes clear and favorable regulations. Notably, he suggests a “regulatory sandbox” that would allow companies to test blockchain solutions in a controlled environment. 

Sustainable and Global Reach

Environmental responsibility is part of the proposal, with plans to power the hub using green blockchain protocols and renewable energy sources. This segment of the project would cost between $150 million and $250 million.

Meanwhile, to establish the hub as a global leader, Kusama proposes a marketing strategy that includes branding, international events, and trade missions. The outreach budget is at an estimate of $50 million to $100 million.

S.H.I.B.’s Potential Impact 

The total cost of the project ranges from $1.3 billion to $2.35 billion within a ten-year period. Interestingly, the proposal suggests that the S.H.I.B. initiative could generate social and economic benefits across short, medium and long-term phases.

In the short term, the hub could create some 5,000 jobs in sectors such as administration, planning and construction, with an estimated $500 million injected into the economy. 

Over the medium term, the hub aims to expand to 20,000 high-skilled jobs, contributing an annual $2 billion to the economy. By the long term, the project could become a self-sustaining ecosystem, adding over $5 billion yearly to the economy.

The proposal also seeks strong ROIs. Kusama projects a 10-to-1 return ratio over a decade, with every dollar invested generating $10 through job creation, tax revenue, and economic activity. 

Additional benefits include national security enhancements via blockchain and improvements to the U.S. trade balance as blockchain services become a prominent export.

XRP 7-Year Chart Reveals Unbroken Support, Bearish or Bullish Signal?

Abdulkarim Abdulwahab
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XRP 7-Year Chart Reveals Unbroken Support, Bearish or Bullish Signal?

Analyst Egrag’s latest XRP chart analysis highlights a seven-year unbroken support level, fueling optimism for a potential bullish trend in the asset.

Recently, Egrag presented a chart that spans XRP’s historical price pattern on a monthly time frame, covering nearly a decade since 2014. He invited the community to examine the setup and share their thoughts on whether it suggests a bearish outlook or hints at a strong bullish trend.

Details of The XRP Chart

The chart highlights two key price levels: $0.41 (red) as a lower boundary and $0.75 (green) as an upper target. The $0.41 level is a support floor, while $0.75 represents a potential resistance or breakout point.

Meanwhile, a prominent feature of the chart is the “Bifrost Bridge,” a blue channel identified by Egrag. This channel appears to act as a support area, with XRP largely staying above it since early 2017. 

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While XRP has been in a downtrend over the past seven years, its price action on the monthly timeframe suggests it has not breached a critical support trendline. Since early 2021, XRP’s pattern has shown an upward trajectory within this channel, indicating a gradual bullish momentum.

Egrag first highlighted the Bifrost Bridge in October, describing it as a highly bullish trendline that has provided consistent support for XRP. He noted that XRP has remained above this line for nearly a decade, with no major price closures below it in the last seven years.

In his latest analysis, Egrag left the floor open for community members to offer their own perspectives.

Community Reactions

Many commenters agreed that XRP’s setup appears bullish, although some responded with a hint of sarcasm. One commenter noted that while the fundamentals suggest a bullish trend, the real question is whether XRP will miss this bull cycle as it did previously or if it will rise alongside other cryptocurrencies this time.

In response, Egrag pointed out that liquidity is increasing, Bitcoin is gaining momentum, and liquidity is flowing into the market. He emphasized that if Bitcoin makes a substantial move, it could lead to a drop in its dominance, which typically marks the beginning of a liquidity rotation into altcoins. According to him, XRP could potentially see a 10X to 20X gain in this cycle.

Currently, XRP is trading at $0.5121, up 2% today but down 86% from its all-time high. Egrag encourages traders to view dips as opportunities to accumulate more XRP, as he believes a bullish trend is on the horizon.

Bitcoin ETFs Hit Record Inflows With 1M BTC Valued at $70B

Albert Brown
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U.S.-based Bitcoin spot ETFs experienced record inflows in October, led by BlackRock’s impressive $2.11 billion boost.

October 2024 marked a significant milestone for spot Bitcoin ETFs, which saw their highest net weekly inflows since March. As the U.S. presidential elections approached, market momentum intensified, resulting in notable net gains in Bitcoin ETF holdings.

In under a year since their launch, Bitcoin ETFs have collectively amassed over 1 million BTC, valued at approximately $70 billion.

Climbing Holdings and October Gains

The accumulation trend for Bitcoin ETFs showed consistent growth leading into October. As of September 16, total holdings stood at approximately 909.36K BTC, increasing to 931.64K BTC by September 30. 

October sustained this upward momentum, with mid-month figures hitting 943.77K BTC and reaching 957.32K BTC by October 14. By late October, Bitcoin ETFs collectively surpassed 1.0089 million BTC.

 

BlackRock’s Surge and Industry Impacts

In the last week of October, BlackRock’s iShares Bitcoin Trust (IBIT) reported its most substantial weekly net inflows since March. The net inflows brought $2.11 billion into the market, as highlighted by CryptoQuant’s CEO, Ki Young Ju. 

This influx highlighted BlackRock’s pivotal role in fueling the growth of Bitcoin ETF holdings and its potential impact on the broader market. The increased flow indicated strengthened investor confidence and interest during a crucial pre-election period.

Price Trends and Sustained ETF Interest

In a follow-up commentary, Young Ju highlighted how demand for Bitcoin spot ETFs has consistently grown when the asset’s price remains above key thresholds. For instance, the accompanying chart shows that the average net flow for ETFs of BlackRock, Fidelity, and Ark Invest was notably higher when Bitcoin’s price was between $65K and $70K.

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Young Ju emphasized that spot ETF inflows have remained mostly positive when Bitcoin trades above $61K. This trend suggests a pattern where higher Bitcoin prices above this mark support increased demand for Bitcoin ETFs.

As of this report, Bitcoin (BTC) is priced at $68,295.51, reflecting a 0.62% increase over the past 24 hours.

Cardano Latest Node Release Brings Full On-Chain Governance with Chang 2 Hard Fork

Abdulkarim Abdulwahab
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Cardano Latest Node Release Brings Full On-Chain Governance with Chang 2 Hard Fork

Cardano Node 10.1.1 has officially launched, marking a critical milestone in the platform’s journey toward decentralized governance. 

This release supports the Chang 2 hard fork, an upgrade to complete Cardano’s on-chain governance as outlined in CIP-1694. The upgrade moves Cardano beyond its initial “bootstrap” governance phase, which began with the Chang 1 hard fork on September 1.

Cardano Next Upgrade: Chang Upgrade 2 

Notably, the Chang upgrade is important for Cardano as it implements the final features of its on-chain governance system based on principles from the Voltaire era. The upgrade process was split into two parts to streamline adoption and ensure a smooth transition. 

With Chang 2, Cardano’s governance evolves as it allows ADA holders to participate in protocol decision-making directly.

Following this upgrade, ADA holders will have the option to delegate their voting power to Delegated Representatives (DReps) or assume a DRep role themselves. 

New Capabilities and Technical Enhancements in Node 10.1.1

Cardano Node 10.1.1 incorporates several key improvements beyond governance. This release introduces new Plutus primitives, enhancing smart contract functionality, as detailed in CIP-0122, CIP-0123, and CIP-0127. 

Stake Pool Operators (SPOs) will find improved support for SPO delegation to predefined voting options, along with enhancements across the ledger, API, CLI, and networking.

However, this release includes breaking changes. As older features phase out, SPOs and developers are to review the release notes on Intersect GitHub to ensure compatibility.

Technical Readiness and Community Involvement

The enactment of Chang 2 requires a vote from the Interim Constitutional Committee (ICC) and 51% of the stake from SPOs. Upon meeting these thresholds, a one-epoch ratification period will follow, after which the hard fork will be take full effect. 

SPOs, DApps, and exchanges must prepare for this upgrade, as compatibility with Node 10.1.1 will be essential to support seamless post-upgrade operations.

Intersect, the organization facilitating Cardano’s governance infrastructure, will provide an ecosystem readiness page for tracking progress through the upgrade phases. The hard fork working group will also host Q&A sessions to answer community questions and provide guidance on the technical changes.

After Chang 2: Era of Community-Driven Governance

Once Chang 2 is in place, Cardano’s governance will operate through decentralized voting, allowing ADA holders to shape the future of the blockchain through GovTool and other governance initiatives. 

The community will have opportunities to join working groups and participate in open sessions to craft and refine governance proposals, including budgeting and protocol improvements.

Dutch Telco Giant Launches Bitcoin Mining Pilot Using Renewable Energy

Lele Jima
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Dutch Telco Giant Launches Bitcoin Mining Pilot Using Renewable Energy

T-Systems Multimedia Solutions (MMS), a subsidiary of Deutsche Telekom (T-Mobile’s parent company), launches a Bitcoin mining pilot using renewable energy. 

The company announced the development today, noting that it has partnered with private bank Bankhaus Metzler for the initiative. According to the announcement, the pilot aims to gather relevant data on stabilizing Germany’s energy grid during high fluctuations. 

Deutsche Telekom Taps Bitcoin Mining to Stabilize Germany Power Grid 

The initiative was introduced to regulate power in Germany due to the variable outputs from renewable energy. Specifically, the announcement acknowledged that solar and wind-powered renewable energy sources usually produce excess power on different occasions. 

Hence, the Bitcoin mining pilot will leverage wind and solar energy sources to stabilize Germany’s power grid. This process is similar to a method used in some countries, such as the United States and Finland. Specifically, Deutsche Telekom will harness the flexible load of Bitcoin mining to stabilize Germany’s power grid.

Benefits and Other Features of the Pilot 

Besides stabilizing the power grid, Deutsche Telekom believes the project will be beneficial to wind and solar power-generating companies. It emphasized that these companies are facing the challenge of unpredictable control performance.

Furthermore, Metis Solution will host and manage the Bitcoin mining project while the ‘containers’ are located in a solar-powered site at Riva GmbH Engineering. While MMS will handle the blockchain infrastructure aspect of the Bitcoin mining pilot, Bankhaus Metzler will focus on the financial service segment.

Commenting on the development, Oliver Nyderle, MMS’ Head of Digital Trust and Web3 Infrastructure, recognized the need to control the rising fluctuations emanating from renewable energy sources.

Hence, Nyderie noted that the company will test the control effect of Bitcoin mining on the power grid, thus converting excess energy into digital value. 

The development comes several months after Deutsche Telekom first revealed plans to venture into Bitcoin mining. Dirk Röder, Telekom’s Head of web3 infrastructure and solutions, first revealed the development at a Bitcoin conference in Prague in June. 

The company has now flagged off a Bitcoin mining pilot to stabilize the energy grid during high fluctuations.

Bernstein Says Bitcoin to $200,000 Is Certain Regardless of US Elections Outcome

Elendu Benedict
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Bernstein Says Bitcoin to $200,000 Is Certain Regardless of US Elections Outcome

Analysts at Bernstein have released a new Bitcoin price outlook, predicting that the asset would trade at $200,000 by the end of 2025 regardless of the US election outcome.

Gautam Chhugani, Bernstein’s Senior Analyst on crypto assets, made the latest assertion on the US election eve, insisting that the Tuesday event would not impact Bitcoin’s long-term outlook. In a statement to clients, he emphasized that the crypto firstborn’s surge to $200,000 by the end of 2025 is almost programmed.

The analyst based his price call on several critical factors, arguing that “the Bitcoin genie is out of the bottle, and it is hard to reverse this course.” Chhugani stated that surging US debts, bad monetary decisions, and the growing demand from the US spot exchange-traded funds would drive Bitcoin to the $200,000 price target.

Notably, the brokerage firm called a similar Bitcoin price late last month, noting the six-figure target was conservative. However, the latest commentary suggests that the factors driving the impending price upsurge are so strong that the US election would not be able to sway it.

Expect Short-Term Volatility: Bernstein

Chhugani noted that the global market, including crypto, would experience a short-term price action depending on tomorrow’s election outcome. The market expert reiterated that a win for Republican candidate Donald Trump would spur a break above Bitcoin’s current all-time high of around $74,000 to trade between $80,000 and $90,000.

However, Chhugani changed his earlier stance on Democratic nominee Kamala Harris’ win, predicting a softer market reaction. He raised his expectations from between $30,000 and $40,000 to $50,000 before the 2025-end recovery.

Meanwhile, the Polymarket odds between Trump and Harris converged during the weekend. The former president lost his 33% lead over Harris, with the stakes dropping by 15% at 57.9% to 42.1%.

Notably, the lead correction correlated with a Bitcoin downtrend. The pioneering cryptocurrency dropped below $68,000 yesterday before recovering to $69,051. However, it is still down 6.1% from last week’s high at $73,544.

Bitcoin to $200,000 Confirmed?

It bears mentioning that Bernstein is not the first to predict a surge to $200,000 regardless of tomorrow’s election outcome. Notably, prominent multinational bank Standard Chartered also shares a similar narrative.

The bank’s head of digital assets research, Geoff Kendrick, predicted that Bitcoin’s push to $200,000 is independent of the US elections. He also cited growing demand and interest rate cuts from the US Federal Reserve as catalysts for the expected upsurge.

Other industrial leaders also expect Bitcoin to trade at the price mark, with a few targeting at least six figures by the end of next year. Steve Lubka, a Swan Bitcoin executive, asserted a conservative $100,000 for Bitcoin by 2025.

Meanwhile, Bitcoin is the only crypto asset expected to see new highs regardless of the outcome of the US election. Chhugani noted that Ethereum and Solana’s price performance depends on the regulatory tone of the US Securities and Exchange Commission, which may be decided in the November 5 poll.

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