Giant Bank Expects This Level in Bitcoin Before the US Elections!

Bitcoin price could double by the end of the year, reaching $150,000 in the event of a Trump win.

Banking giant Standard Chartered expects the price of Bitcoin to rise 40% in the next few months. This year's presidential elections will significantly impact the US government's approach to the cryptocurrency industry. According to Standard Chartered analysts, if Trump wins, a more positive picture will emerge for Bitcoin.

It could double by the end of the year

“As the US elections approach, I expect Bitcoin to reach $100,000 and, if Trump prevails, to $150,000 by the end of the year,” said Geoffrey Kendrick, director of digital asset research at Standard Chartered.

If the price of Bitcoin increases to $150,000 by the end of 2024, its market value will increase to $3 trillion. Bitcoin thus joins giants such as Nvidia.

“The Biden administration was pragmatic in recently approving spot Ethereum ETFs, but Biden later vetoed efforts to overturn SAB 121,” Kendrick said. That's why Trump is still friendlier than Biden,” he said.

The U.S. Securities and Exchange Commission's (SEC) filing SAB 121 makes it harder for financial institutions to hold cryptocurrencies. The House of Representatives and the Senate passed a bill reversing this declaration. This proposal was vetoed by Biden.

A record could come at the end of the week

The eyes of the markets are focused on the non-agricultural employment data coming from the USA. Standard Chartered researcher said that if these data are "friendly", Bitcoin could set a new price record at the end of the week.

“This paves the path to $80,000 by the end of June,” Kendrick commented.