Bitcoin is expected to surge to new all-time highs by the end of 2024, regardless of the results of the upcoming U.S. presidential election. This bold prediction comes from Geoff Kendrick, head of forex and digital assets research at Standard Chartered. In a recent analysis, Kendrick explained that, no matter who wins the November election, positive market drivers will likely push Bitcoin’s price to new heights.
According to Kendrick, if former president Donald Trump secures a victory, Bitcoin could rise to a staggering $125,000. A victory by Vice President Kamala Harris, on the other hand, would see the price of Bitcoin reach around $75,000.
However, Kendrick emphasized that the impact of the presidential election is not as significant as many in the market may believe. He noted that the election’s influence on Bitcoin’s future trajectory is less impactful now compared to the 2020 race, in which Joe Biden was the Democratic candidate.
Regulatory Shifts as Key Drivers
One of the primary factors fueling Bitcoin’s potential price rise is the anticipated progress on regulatory reforms. Kendrick specifically pointed to the possible repeal of SAB 121, a regulatory rule that imposes strict accounting guidelines on banks holding digital assets. He expects these changes to continue through 2025, regardless of who occupies the White House.
In addition to regulatory progress, developments in U.S. Treasury markets are providing further momentum for Bitcoin. Kendrick cited factors like a re-steepening yield curve and stable term premiums as contributing to an increasingly favorable environment for Bitcoin’s growth. He also expects a seasonal uptick in spot Bitcoin exchange-traded fund (ETF) inflows in October, which would further fuel the price surge.
Impact of Election Results on Bitcoin
While the U.S. election’s outcome is less crucial than it was in previous cycles, it still holds some significance for Bitcoin’s short-term movements. A Trump victory is widely viewed as bullish for crypto markets, thanks in part to his recent engagement with the crypto community, including his appearance at the Bitcoin Conference event.
Conversely, a win for Kamala Harris may initially slow Bitcoin’s momentum. However, Kendrick believes that any dip following a Harris victory would be short-lived. He expects buyers to step in as they recognize the ongoing regulatory improvements that will benefit Bitcoin in the long term.
Notably, as per the data by CoinMarketCap, Bitcoin is currently trading around $58,000, up by 2.5% in the past 24 hours. However, the cryptocurrency is still over 20% down by its all-time high of $73,750, achieved on March 14.
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