Standard Chartered's Bitcoin Price Prediction Ahead of the U.S. Elections
Standard Chartered (STAN) has shared its predictions regarding the potential effects of the upcoming U.S. presidential elections on Bitcoin prices. The global bank anticipates that Bitcoin will reach $73,000 on Election Day, November 5. Additionally, it is noted that if the Republicans gain control of Congress, Bitcoin could hit $125,000 by the end of the year.
Geoff Kendrick, Global Head of Digital Asset Research at Standard Chartered, provided detailed scenarios on how Bitcoin might behave depending on the election results. He evaluates that a Trump victory could lead to a price increase of up to 10% for Bitcoin, while he initially forecasts a drop in the event of Vice President Kamala Harris's election, but predicts Bitcoin could reach $75,000 by year-end.
Another development that has created volatility in the Bitcoin market is BlackRock's announcement of increasing its BTC holdings. The firm has reached a new milestone by holding over 400,000 Bitcoins in total. The increase in BlackRock's investments in Bitcoin enhances the appeal of BTC for institutional investors, while this trend is gaining momentum through Bitcoin ETFs.
BlackRock's influence has sparked discussions within the Bitcoin community about its potential effects, while other significant players, such as MicroStrategy and large mining firms, are also trying to maintain balance. Alongside these developments affecting the Bitcoin ecosystem, market analysts believe Bitcoin could be a driving force behind the next bull run.
Expectations for a bull market continue. Cryptocurrency experts suggest that Bitcoin could be key to the future bull run. Mati Greenspan, founder of Quantum Economics, noted that new developments related to Bitcoin are further empowering decentralized finance (DeFi) and NFT applications. In this scenario, it is believed that Bitcoin's price could soar to $100,000 in 2024.
Bitcoin millionaire Erik Finman also stated that a Trump victory could elevate Bitcoin to six-figure values. However, Ethereum's scalable and cost-effective alternatives complicate a positive scenario for the network. Historically, bull markets typically begin with Bitcoin reaching new highs, followed by capital migrating to altcoins. It remains uncertain whether Bitcoin will repeat this process.