Geoff Kendrick, the head of forex research at Standard Chartered, believes that if the US defaults on its debt obligations, the price of BTC would rise 70% to more than $40,000. He called a possible default an unlikely event that could still caouse serious consequences. Therefore, investors who consider BTC a safe haven will pour their funds into the major coin if the market falls.
If a default is declared, the surge in BTC price won’t start immediately. The surge would be preceded by a fall of around $5000, after which the coin would rise by $25,000. While BTC will follow a bullish trend, prices of other cryptos may decline.