Standard Chartered Insight: Regardless of the election outcome, Bitcoin (BTC) is on track to hit a new all-time high by the end of the year.
Jeff Kendrick, head of foreign exchange and digital asset research at Standard Chartered Bank, said:
If Trump wins the election, the value of BTC may surge to $125,000;
If Harris wins the election, the price of Bitcoin is expected to reach around $75,000.
The impact of the presidential election on Bitcoin: ↓↓
Kendrick emphasized that the impact of the presidential campaign on Bitcoin’s future trend is not as significant as in the past, and its fundamentals may be more important than the election results.
Driven by continued positive market factors, Bitcoin may reach a new high by the end of the year, which has little to do with who wins the White House.
Kendrick pointed out that changes in the regulatory environment are conducive to the rise of Bitcoin prices, such as the possible relaxation of digital asset accounting regulations in the banking industry and the repeal of SAB 121. Positive regulatory changes are expected in 2025, benefiting the entire cryptocurrency market.
Impact of market development
Kendrick also mentioned that changes in the U.S. Treasury market may promote the growth of Bitcoin and enhance market optimism. Market conditions are favorable as Bitcoin gains traction among institutional investors.
Election results and market reaction:
The different prospects of Trump and Harris winning the election highlight the market's sensitivity to cryptocurrency political dynamics. Trump's victory will accelerate the implementation of policies supporting cryptocurrency and create a favorable investment environment; Harris's election may bring temporary price pressure to Bitcoin due to regulatory slowdown.
In conclusion, despite the impending election, Bitcoin’s long-term outlook is resilient, supported by regulatory advances and favorable market conditions. Investors should pay attention to political developments and economic indicators that will influence Bitcoin's direction in 2024.
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