After the US Federal Reserve cut interest rates by 2 yards, the long-term financial policy easing in the United States is exciting. The stock market and gold are both rising. The S&P 500 index is close to a record high, and BTC/USD has finally begun to move towards the key resistance level, which has been close to the level since March. historical highs.

Geoff Kendrick, head of cryptocurrency strategy and emerging markets FX at Standard Chartered Bank, once again made predictions about the trend of Bitcoin. He said that the broader crypto asset market is expected to continue to be boosted after the Federal Reserve decided to cut interest rates by 50 basis points. Kendrick also pointed out that regardless of the outcome of the upcoming U.S. presidential election in November, macroeconomic factors will drive digital asset prices higher.

After the interest rate cut, Bitcoin and other crypto assets performed strongly. "After the FOMC meeting, crypto assets are in the lead for the first time in a while." Kendrick continued to point out that although Polymarket showed Kamala Harris leading 52/47 , the US election is important, but macro drivers have begun to dominate, and it is even asserted that the impact of the US presidential election on Bitcoin prices is not as great as in the past.

The Standard Chartered Bank analysis team headed by Geoff Kendrick pointed out in a report last week that although the results of the US election will affect the performance of the cryptocurrency market, the impact will not be as obvious as when Biden was the Democratic candidate, nor is it as severe as the market imagined. The analysis team has optimistic expectations for the market outlook and predicts that no matter who wins the U.S. president, Bitcoin is expected to reach a new high by the end of this year. The only difference is "more or less".

Kendrick reiterated his previous prediction after the rate cut: "I think Bitcoin will break new highs by the end of the year no matter who wins the US election. If Donald Trump wins, Bitcoin may surge to $125,000; but if Harris wins (Kamala Harris) wins, Bitcoin’s target price may fall around $75,000.”

Kendrick predicted in July that Bitcoin would hit another new high in August and then hit $100,000 ahead of the U.S. presidential election in November. He also analyzed the possible impact of the U.S. presidential election on Bitcoin prices at the time. He believed that if Biden continues to run for the election, it will provide Bitcoin investors with an "excellent buying opportunity." However, if Biden drops out of the race, the price of Bitcoin could fall to $50,000 to $55,000.

On July 21, Biden announced his withdrawal from the US presidential election. Bitcoin rose steadily that day and even exceeded $68,000.

Data taken from CoinMarketCap What do analysts think?

QCP Capital wrote in its latest announcement: “The U.S. 2-year/10-year Treasury bond spread, a recession indicator, has been inverted since July 2022, but has recently steepened to +8 basis points, reflecting market optimism. and the shift to risk assets.”

Cryptocurrency trader and analyst Michaël van de Poppe posted on social platforms that "BTC/USD is performing well." "I think we will consolidate before continuing to rise, but essentially, the market is rising since Bauer spoke. Otherwise, there is enough room to buy on the dip.”

Quantitative fund Capriole Investments said in its latest monthly update that BTC price action is at a critical crossroads.

Charles Edwards, founder of Capriole Investments, said that entering the fourth quarter, Bitcoin will benefit significantly from macroeconomic changes, and the fourth quarter itself is the best quarter for the market. Charles Edwards explained, “(Bitcoin) is still in a trend of lower highs and lower lows (net ‘bearish’), with weekly support at $58,000 on the 18th, which is a good reaction. A weekly close above $64,000 will Ending a 7-month series of lower highs and could see us quickly move back to the range highs ($70,000) and possibly higher. Nonetheless, the technical picture is mixed at best and at worst. is bearish until this range is restored (and monthly resistance at $60,000),"

“Due to the launch of ETFs and the Mt Gox incident, there will be a massive capital reallocation in 2024. This capital flow mischaracterizes many on-chain metrics and gives us a false narrative,” Charles Edwards pointed out, the research results indicating that supply ownership data by dormant time is unreliable in 2024, “In short, on-chain metrics have been massively ‘manipulated’ by huge supply reclassifications over the past 6 months without looking online. to any significant organic long-term holder selling. This has resulted in readings on many on-chain indicators that are quite pessimistic from previous cycle tops.” He also mentioned that the fourth quarter is traditionally the best time for Bitcoin and BTC. /USD is also about to end its standard post-halving consolidation period. “Since the breakout a few months ago, gold has also been hitting all-time highs. You can’t find more favorable conditions for Bitcoin.”

In addition, according to data shared by Ki Young Ju, founder of the on-chain analysis platform CryptoQuant, the scale of institutions’ short selling of Bitcoin is slowing down sharply. “Institutions are no longer actively shorting Bitcoin. In the past five months, the net position of CME futures has It’s down 75%.”

Institutions are no longer aggressively shorting #Bitcoin. CME futures net positions have declined by 75% over the past 5 months. pic.twitter.com/Vr6Yx5TcYi

— Ki Young Ju (@ki_young_ju) September 19, 2024

British investment firm Farside Investors confirmed that the U.S. Bitcoin spot ETF saw net negative inflows on September 18, compared with net inflows of $187 million the previous day.

"Standard Chartered Bank's Head of Cryptocurrency Strategy: The crypto asset market is expected to continue to boost after interest rate cuts" This article was first published on "Blocker".