2024-10-25 17:38 |
Analysts at British multinational bank Standard Chartered are leaning bullish on Bitcoin (BTC) even as the maiden cryptocurrency lingers below the psychologically important $70,000 level. They believe BTC is on the cusp of reaching $125,000 by the end of this year if the Republican Party wins the U.S. Congress after the presidential elections next month.
Bitcoin Could Revisit All-Time High On Election DayIn a recent report, Standard Chartered’s Global Head of Digital Assets Research Geoff Kendrick predicted that Bitcoin could surge above $73,000 by November 5, the day the next president of the United States is picked.
If former president Donald Trump is reelected, Kendrick argued that the price of the premier crypto would increase by around 4% after the result is announced, based on an analysis of BTC derivatives and trading volume indicators. The crypto will then rocket another 10% in the following days.
“Our base case is that Bitcoin rises to around USD 73,000 by Election Day, catching up to betting-market probabilities of a Trump win; this is slightly below the USD 73,800 all-time high recorded in March.”
If Vice President Kamala Harris emerges victorious, Kendrick believes Bitcoin will likely sell off initially but will end the year trading at all-time highs of around $75,000.
“Bitcoin prices have been driven higher in recent weeks, coinciding with other trades popular among Trump supporters,” he postulated. Polymarket now shows Trump with a 59% chance of winning and a 75% conditional probability of a Republican sweep if Trump wins.
Trump has presented himself as a crypto supporter, despite past negative comments on the industry, while opponent Kamala Harris has only just started to reveal policy plans toward digital assets.
Kendrick is not the only industry spectator who has shown confidence in Trump. Bitwise’s head of Alpha Strategies, Jeff Park, forecasted BTC’s potential moonshot to as high as $92,000 if Trump retakes the White House.
However, other industry pundits like Larry Fink, the CEO of the world’s largest asset manager, believe BTC will thrive over the long term, irrespective of who wins the impending presidential election.
Bitcoin is currently hovering around $67,425, reflecting a +1.3% change on the day.
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