- Standard Chartered has reiterated its bullish forecast for bitcoin, predicting a new all-time high by the end of the year.
- The bank’s analysis takes into account the potential impact of the upcoming U.S. presidential election.
- Geoff Kendrick, the global head of digital assets research at Standard Chartered, provided insights on bitcoin’s performance in different electoral scenarios.
Discover what banking giant Standard Chartered forecasts for bitcoin’s price in light of the U.S. presidential election and other key market drivers.
Standard Chartered’s Bitcoin Forecast and Election Impact
Standard Chartered has boldly reiterated its prediction that bitcoin will achieve a new all-time high by the end of the current year, irrespective of the results of the impending U.S. presidential election. Geoff Kendrick, who oversees digital assets research at the bank, indicated that while the election’s outcome will influence the cryptocurrency market, its effects are expected to be less significant than previously thought. Whether the next U.S. president is Donald Trump or Kamala Harris, Kendrick anticipates that bitcoin’s robust trajectory will persist.
Potential Bitcoin Performance Under Trump and Harris
Kendrick projects that BTC will soar to unprecedented heights by the end of 2024. He estimates a potential price of $125,000 should Trump secure the presidency, and around $75,000 if Harris comes into power. He elaborated that although a Harris administration might initially prompt a decline in bitcoin’s value, the market is likely to stabilize quickly as investors recognize the continuing progress on regulatory frameworks and other positive market drivers.
Long-Term Projections and Regulatory Considerations
Beyond the immediate election cycles, Standard Chartered maintains a long-term bullish outlook for bitcoin, predicting that the cryptocurrency could reach $200,000 by 2025. Despite the impressive peak of over $73,000 reached earlier this year, bitcoin has recently traded within a narrower range of $55,000 to $70,000. Kendrick cautioned that regulatory hurdles remain a concern, particularly under a Harris administration, which might continue some of the regulatory policies from the Biden era. However, he noted that a Trump victory would likely be more favorable for bitcoin.
Additional Positive Market Factors
Kendrick also pointed to several other factors that could support bitcoin’s growth, such as a steepening U.S. Treasury yield curve. This, coupled with the broader adoption and stronger institutional investment in digital assets, could act as strong growth drivers for bitcoin.
Conclusion
In summary, Standard Chartered’s outlook for bitcoin remains optimistic, with significant gains predicted regardless of the upcoming U.S. presidential election’s outcome. While regulatory challenges are anticipated, the overall market conditions and institutional confidence support a bullish trajectory for the cryptocurrency. Investors should stay informed as the election draws closer, keeping an eye on regulatory developments and other market dynamics.
