Standard Chartered forecasts that the price of bitcoin will reach $73,000 on November 5, U.S. Election Day, with a potential high of $125,000 by year-end if the Republicans win in Congress.
Standard Chartered's Election Day Forecast: BTC will reach $73,000
Geoff Kendrick, Head of Global Digital Assets Research at Standard Chartered, released a report last week outlining the anticipated price fluctuations of bitcoin based on potential outcomes of the upcoming U.S. presidential election. The study provides detailed scenarios of how bitcoin might react to different election results.
“We use the daily volatility of BTC and popular strike prices to estimate post-election price volatility,” the analyst detailed and emphasized:
We believe the price of BTC is likely to reach around $73,000 on Election Day, November 5.
Kendrick continues to analyze the impact of Trump’s victory on bitcoin prices, suggesting that initially, the price could rise by 4% after the election results, with a total increase of about 10% in the following days. Kendrick stated: "Assuming Trump wins, the breakeven options imply the price will increase by about 4% when the election results are announced and a total increase of about 10% in the next few days."
Standard Chartered's analyst added:
If the Republicans gain a majority in Congress, our year-end target of $125,000 will become a reality.
In another scenario, Kendrick stated that if Vice President Kamala Harris wins the presidential election, bitcoin may initially see a price drop. However, he predicts that this cryptocurrency could still reach record levels by the end of 2024. Kendrick noted that "If Harris wins, we see BTC initially trading lower but still ending 2024 at a new high of about $75,000," indicating the long-term recovery prospects for bitcoin under Democratic leadership.