Bitcoin BTC Poised for New All-Time Highs by Year-End Regardless of Election Outcome: Standard Chartered Insights

  • Bitcoin’s trajectory remains optimistic, with predictions of an all-time high by year-end.
  • Market analysts note that the outcome of the upcoming U.S. presidential election may have a diminished impact on Bitcoin’s performance.
  • Geoff Kendrick of Standard Chartered anticipates substantial price movements for Bitcoin regardless of whether Trump or Harris wins the election.

This article examines Bitcoin’s potential to reach new all-time highs by the end of 2024, influenced by regulatory reforms and market trends rather than the U.S. presidential election outcomes.

Bitcoin’s End-of-Year Outlook Amid Political Uncertainty

The cryptocurrency landscape is buzzing with predictions that Bitcoin (BTC) may close the year at unprecedented levels. Geoff Kendrick, Standard Chartered’s head of forex and digital assets research, suggested that BTC’s value could skyrocket to as much as $125,000 if Donald Trump secures victory in the upcoming election. Conversely, if Kamala Harris emerges victorious, estimates suggest a more modest high of around $75,000. These projections indicate a broader confidence in Bitcoin’s ability to weather political changes.

Impact of U.S. Presidential Election on Bitcoin

Kendrick emphasizes that the influence of the presidential race on Bitcoin’s future trajectory is less significant than historically noted. “In comparison to past elections, the sentiment surrounding Bitcoin now suggests that its fundamentals may outweigh the election’s outcomes,” he notes. He projects that Bitcoin could achieve new highs by the end of 2024, driven by consistent positive market factors that are independent of who resides in the White House.

Regulatory Changes as Catalysts for Price Growth

One of the key factors Kendrick highlights is the evolving regulatory landscape, which is positioned to support Bitcoin’s price increase. Specifically, he points to potential relaxations of current banking regulations regarding digital asset accounting, particularly a repeal of SAB 121. “The positive regulatory changes expected by 2025 will likely set a precedent that benefits the cryptocurrency market overall,” Kendrick remarks.

Market Developments and Their Influence on Bitcoin

Adding to the optimism, Kendrick notes that shifts in U.S. Treasury markets are likely to complement Bitcoin’s growth. “The re-steepening of the yield curve, alongside contraction in inflation expectations—indicated by stable term premiums—boosts the attractiveness of Bitcoin as an investment asset,” he states. Such dynamics suggest a supportive environment as Bitcoin continues to gain traction among institutional investors.

Possible Outcomes of the Election and Market Responses

The contrasting prospects tied to Trump and Harris’s ascendancy underscore the market’s responsiveness to political dynamics surrounding cryptocurrencies. A Trump victory is anticipated to accelerate pro-crypto policy implementations, creating a favorable environment for investment in digital assets. On the other hand, analysts speculate that a Harris presidency may introduce temporary price pressures on Bitcoin due to potential regulatory slowdowns.

Conclusion

In summary, while the upcoming U.S. presidential election looms large, Bitcoin’s long-term outlook appears resilient, supported by regulatory advancements and favorable market conditions. As market dynamics unfold, investors should remain attentive to both political developments and underlying economic indicators that will influence Bitcoin’s trajectory heading into 2024.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.

BREAKING NEWS

Coinbase to Add Degen $DEGEN Support on the Base Network

**Coinbase Expands Support for Degen $DEGEN on Base Network** In...

Ethereum ETF Prices Surge as Ethereum Hits $2630

**Ethereum ETF Prices Surge Amid Positive Market Trends** In the...

Bitcoin ETF Prices Surge: BlackRock, Fidelity, Bitwise, Grayscale, and MicroStrategy Stocks Soar

**Bitcoin ETF Prices Surge Amid Market Optimism** The cryptocurrency market...

Bitcoin Reaches $66,000!

Bitcoin has surged to $66,000, marking a significant milestone...

Bitcoin Surges 4% to Over $65,400, Ethereum Climbs 4.5% Past $2,580 Amidst Altcoin Struggles

**Bitcoin Surges Past $65,400 as Ethereum Climbs to $2,580** In...
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img