- Standard Chartered predicts Bitcoin could reach $73,000 on U.S. Election Day, November 5, with a year-end target of $125,000 if Republicans take Congress.
- A Trump victory may boost Bitcoin initially by 10%, while a win by Kamala Harris could cause a short-term dip, though BTC is still expected to hit record highs by late 2024.
The financial world is abuzz with Standard Chartered’s latest forecast, predicting a significant spike in Bitcoin’s price to $73,000 on November 5, the day of the upcoming U.S. presidential election. Standard Chartered’s Global Head of Digital Assets Research, Geoff Kendrick, shared these insights in a recent report, detailing how the election outcomes could shape Bitcoin’s trajectory in the months ahead.
Election Day Surge Predicted
According to Kendrick’s report, the price of Bitcoin is expected to hover around $73,000 on Election Day. Using a combination of daily BTC volatility levels and common market strike prices, his team has developed projections that align with certain political scenarios. These insights underscore Bitcoin’s sensitivity to macroeconomic and political factors, particularly in the U.S., where policies can greatly impact the digital asset market.
A Trump Victory Could Send BTC Even Higher
Kendrick’s analysis highlights that a Trump victory could lead to an initial 4% increase in Bitcoin’s value. Over the following days, this rise may accumulate to about 10%. “Assuming a Trump victory, options breakevens imply a further price rise of about 4% when the presidential outcome is known, and around 10% in total within a few more days,” he explained. Should the Republicans also secure Congress, Kendrick believes Bitcoin could reach $125,000 by the end of 2024, signaling a bullish outlook under Republican leadership.
A Different Path if Harris Wins
In contrast, a victory by Vice President Kamala Harris is expected to have a less immediate impact on Bitcoin, potentially causing an initial dip. However, Kendrick suggests this downturn could be temporary, projecting that BTC would still end 2024 at a record high of around $75,000. This scenario implies a stable long-term outlook for Bitcoin under Democratic leadership, as Kendrick anticipates the cryptocurrency would adapt and thrive over time.
The Bigger Picture for Bitcoin in 2024
With both major U.S. political parties potentially influencing Bitcoin’s price, investors are closely watching this election. Standard Chartered’s forecast highlights the evolving role of Bitcoin in a global economic context increasingly shaped by political forces. Regardless of the election outcome, Kendrick’s projections offer a cautiously optimistic perspective for Bitcoin enthusiasts and investors alike.
As November approaches, Bitcoin’s performance may serve as a real-time indicator of market sentiment in response to political shifts. Standard Chartered’s forecast not only offers insights for crypto enthusiasts but also serves as a reminder of the interconnectedness between politics and the global financial market. For those invested in or considering Bitcoin, this could be a crucial period to watch closely.
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