Republican Landslide, Bit to Soar
On Thursday, Geoff Kendrick, Head of Global Digital Assets Research at Standard Chartered, predicted that based on the analysis of Bit derivatives and trading volume indicators, Bit price could break the historical high of $73,000 on the day of the November 5 election:Geoff Kendrick pointed out that if Trump wins, option parity data indicates that once the election result is known, Bit price could rise by about 4%, and the total gain in the following days could be as high as 10%. Geoff Kendrick emphasized that the open interest of Bit call options expiring on December 27 with a strike price of $80,000 is currently very large, indicating that Bit could quickly rise to that level, and if the Republicans take full control of Congress, the year-end target price for Bit will be revised upwards to $125,000. Conversely, if the Democratic presidential candidate, current Vice President Kamala Harris, wins, Standard Chartered estimates that Bit may initially see a slight decline, but could still reach around $75,000 by the end of 2024.We use Bit daily trading volume and popular strike prices in the market to estimate the post-election price trend. Based on our base case, Bit could be around $73,000 on election day.
