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Standard Chartered predicts Bitcoin could reach $125K under Trump

GrafaGrafa2024/09/13 05:35
By:Isaac Francis

Standard Chartered has reaffirmed its outlook that Bitcoin (CRYPTO:BTC) could reach new all-time highs by the end of 2024, regardless of the outcome of the upcoming U.S. presidential election. 

According to Geoff Kendrick, the bank’s global head of digital assets research, the election results will influence the cryptocurrency market, but not as significantly as previously expected.

Kendrick noted that Bitcoin could hit $125,000 under a Trump presidency or $75,000 under Harris. 

“A Harris administration would be much less negative for digital assets than a second Biden administration would have been,” Kendrick said. 

He added that although a Harris victory might initially cause Bitcoin prices to decline, these dips would likely be bought up as the market recognises that regulatory progress would continue and other positive factors take effect.

The bank also maintained its longer-term forecast, predicting that Bitcoin could reach $200,000 by 2025. 

Despite recent fluctuations between $55,000 and $70,000, Bitcoin peaked at over $73,000 in March, indicating continued investor interest and market strength.

Regulatory concerns remain a topic of discussion, particularly under a Harris presidency, which could see a continuation of policies from President Biden's administration. 

However, Kendrick stated, “It seems clear that a Trump victory would be BTC-positive,” while noting that the impact of a Harris administration would be less detrimental to digital assets than a second Biden term. 

He also highlighted other positive drivers, such as a steepening U.S. Treasury curve, that could support Bitcoin’s growth regardless of political outcomes.

At the time of reporting, the Bitcoin (BTC) price was $57,920.01.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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