- Bitcoin’s price might witness a substantial surge ahead of the upcoming US presidential elections.
- Recent political events and regulatory decisions are influencing this anticipated uptrend.
- Financial experts are projecting noteworthy milestones for Bitcoin, backed by in-depth analysis and market trends.
Discover the factors driving Bitcoin’s potential price surge to $100,000 and the significant market events influencing this prediction.
Bitcoin’s Path to $100,000 by November
Geoffrey Kendrick, head of forex and digital assets research at Standard Chartered, anticipates Bitcoin could reach $100,000 as the US presidential elections draw near. Speaking to The Block, Kendrick outlined several factors underpinning this bold prediction and provided a comprehensive outlook for Bitcoin’s price trajectory.
US Election Impact on Bitcoin’s Price
Kendrick believes that the political landscape and recent regulatory actions could significantly boost Bitcoin’s value. He commented, “As the US election approaches, I foresee Bitcoin reaching $100,000, potentially hitting $150,000 by year-end if Trump wins.” The Biden administration’s pragmatic decision to approve spot Ether ETFs, while simultaneously vetoing the repeal of SAB 121, also plays a role, Kendrick suggested.
Influence of Economic Data
Kendrick also highlighted the influence of upcoming economic data, particularly the US Non-Farm Payrolls. He noted that positive data expected to be released tomorrow could propel Bitcoin to a new all-time high over the weekend, potentially reaching $80,000 by the end of June. “A favorable report could trigger a fresh peak in Bitcoin’s price this weekend,” he asserted.
Long-term Projections and Market Cap Milestones
The analyst reaffirmed his long-term forecasts, maintaining a year-end target of $150,000 and an end-of-2025 prediction of $200,000 for Bitcoin. He emphasized that a $150,000 price point by the end of 2024 would position Bitcoin alongside major market cap leaders such as NVDA, which recently hit a $3 trillion market cap. This projection also ties into recent bullish forecasts from Standard Chartered, which see Bitcoin at $150,000 and Ethereum at $8,000 by late 2024, driven by robust inflows into Bitcoin ETFs.
Stability and Investment Trends
Kendrick and fellow analyst Suki Cooper have observed that significant inflows to new Bitcoin spot ETFs are primarily from long-term investment vehicles like pension funds, indicating a growing stability in Bitcoin investments. This trend mirrors historical patterns seen in the gold market following the introduction of US gold ETFs. Standard Chartered’s research suggests that this could drive Bitcoin prices up to $200,000, marking a substantial increase from pre-ETF levels.
Portfolio Optimization and Future Price Predictions
By optimizing an investment portfolio with 80% gold and 20% Bitcoin, the bank’s analysis suggests a Bitcoin price of approximately $190,000. Furthermore, linear extrapolation of ETF inflows relative to Bitcoin’s price projects a potential peak of $250,000, should ETF inflows reach their midpoint target of $75 billion.
Conclusion
These assessments present $200,000 as a realistic price target for Bitcoin by the end of 2025, with possible spikes up to $250,000 driven by continued ETF inflows and institutional purchases. As of now, Bitcoin trades at approximately $71,183, poised for significant movements driven by both macroeconomic factors and investor sentiment.
