The crypto market is doing well due to the U.S. presidential election, with bitcoin set to hit $100,000 by the end of the year.

Chhugani has a $200,000 price target for bitcoin in 2025, though he said bitcoin could fall to $50,000 in the weeks ahead in the event of a Harris win. He also expects a short-term rally to as high as $90,000 this year in the event of a Trump victory.

Bitcoin was rising on Tuesday as election results rolled in and former President Donald Trump appeared to pull ahead in the race for president.As of about 10:30 p.m. Eastern, the largest token by total market capitalization had gained 8.

In the lead-up to the United States election, Bitcoin’s price movements have become increasingly intertwined with the presidential race, according to a pair of crypto executives. On Oct. 30, Bitcoin stormed above $70,

The cryptocurrency market displayed mixed trends on Monday as investors braced for significant events, including the US presidential election and a potential Federal Reserve rate cut, which could influence crypto prices.