Standard Chartered, a well-known financial institution, has recently released a report predicting that Bitcoin is on track to reach impressive price levels in the near future. According to the report, if former President Donald Trump secures victory in the upcoming US presidential election, Bitcoin could rise significantly. The report suggests that Bitcoin may reach $80,000 in the days following the election and potentially hit $125,000 by the end of the year if Republicans also gain control of Congress.
The report, authored by Geoffrey Kendrick, the head of digital assets research at Standard Chartered, highlights the potential impact of the election on Bitcoin’s price movement. It mentions that a Trump victory could lead to a 10% increase in Bitcoin’s price post-election, with the cryptocurrency possibly reaching $76,000 overnight. Furthermore, there is significant interest in Bitcoin call options with a $80,000 strike price for late December, indicating market expectations for further price gains.
On the other hand, the report notes that a victory for Kamala Harris, if she becomes president, could initially cause a temporary dip in Bitcoin’s price. This is because a Harris administration might be slower to introduce favorable crypto regulations, creating some uncertainty in the market. However, Kendrick suggests that any downturn in Bitcoin’s price would likely be short-lived, with the cryptocurrency expected to recover and reach around $75,000 by the end of 2024.
Despite the potential short-term impact of the election outcome on Bitcoin’s price, the overall sentiment in the industry remains positive. Many experts believe that Bitcoin will continue to grow regardless of who wins the election, although the pace of regulatory changes may vary depending on the administration in power.
As the US election approaches, the financial markets are closely watching for any developments that could influence Bitcoin’s price trajectory. The high level of market volatility expected during this period underscores the importance of closely monitoring the election results as a key indicator for Bitcoin’s future performance.
In conclusion, Standard Chartered’s report paints an optimistic picture for Bitcoin’s price outlook, with the potential for significant gains depending on the outcome of the US presidential election. The cryptocurrency market is likely to experience heightened activity and volatility in the coming days, making it an exciting time for investors and traders alike.