Bitcoin (BTC) and the cryptocurrency market are poised for a strong rally after the US Federal Reserve (Fed) cut interest rates, according to Geoff Kendrick, head of FX and digital asset research at Standard Chartered.
The Fed has cut interest rates by 50 basis points and Kendrick believes that macroeconomic factors will be the main driver of Bitcoin's price increase, despite the uncertainty surrounding the US presidential election in November.
Following the Federal Open Market Committee (FOMC) meeting, Bitcoin and other digital assets have outperformed due to the impact of macroeconomic factors.
Kendrick predicts the US election could have less of an impact on Bitcoin prices than in previous years.
He pointed to the steepening of the U.S. Treasury yield curve as a positive sign for the digital asset market. In addition, the fact that investment flows through Bitcoin spot ETFs could increase in October is also a factor that boosts Bitcoin prices.
Despite warnings about the economic impact, Kendrick still believes Bitcoin could hit a new record high by the end of the year.
His goal is $125,000 if Donald Trump wins, and $75,000 if Kamala Harris wins.
