The crypto market is on edge this week as it anticipates potential volatility surrounding two major events: the Trump versus Harris debate on September 10 and the Consumer Price Index (CPI) report on September 11.
Crypto Market Volatility
According to QCP Broadcast, while the crypto market has stabilised following last week’s downturn, implied volatility remains high as traders brace for possible market movements.
Trump, Harris, and Crypto
In a related analysis, Bernstein Research positions Bitcoin as a “Trump trade,” speculating that the outcome of the upcoming U.S. presidential election could profoundly impact the cryptocurrency market. Analysts suggest that if Donald Trump wins, Bitcoin could surge to $80,000-$90,000 by the end of Q4 2024. Conversely, a victory for Vice President Kamala Harris might see Bitcoin test lower levels, around $30,000-$40,000, given her less pronounced stance on cryptocurrency.
Long-Term Forecasts
Despite recent price fluctuations, institutional investors are showing confidence by increasing their positions in longer-dated bullish trades. Significant interest has been observed in December 2024 and March 2025 calls, suggesting faith in recovery and growth potential. Bernstein’s forecasts include Bitcoin reaching $200,000 by the end of 2025, $500,000 by 2029, and $1 million by 2033.
As the debate and CPI report approach, market participants remain vigilant, navigating through high volatility with strategic positioning and a keen eye on political developments.
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