Standard Chartered analyst Geoff Kendrick has predicted that Bitcoin will reach new record highs by the end of the year, regardless of the outcome of the US presidential election.
Standard Chartered analyst Geoff Kendrick predicts that Bitcoin will reach a new record high by the end of the year, regardless of the outcome of the US presidential election. Kendrick said that Bitcoin could reach as high as $125,000 by the end of the year, with the figure remaining at $75,000 if Harris wins.
The analyst emphasized that the impact of the elections on Bitcoin is not as significant as before.
Kendrick said that one of the biggest factors in the rise of Bitcoin prices was regulatory changes. He said that the cancellation of SAB 121, which eased accounting rules applied to banks’ digital assets, was a positive development for Bitcoin.
Stating that these regulations will continue in 2025, Kendrick said that these positive steps will continue regardless of who is in the White House.
Positive momentum forecast for Bitcoin
Kendrick also stated that developments in the US Treasury markets support Bitcoin's long-term growth potential, adding, "The current trends in the Treasury markets are creating positive momentum for Bitcoin."
He predicted that spot Bitcoin ETF funds would revive in October and that this development would positively affect the market.
Trump’s victory in the presidential race is expected to be a positive outcome for cryptocurrencies. Trump’s participation in the Bitcoin 2024 event and his statements about DeFi projects strengthen this expectation.
However, Harris’ presidential victory could have a negative impact on Bitcoin in the short term. Kendrick said that Harris’ victory could cause a temporary drop in Bitcoin prices, but these declines will turn into buying opportunities as the market realizes progress on the regulatory front.
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