Standard Chartered has published a report predicting a short-term rally in Bitcoin, with analysts forecasting the cryptocurrency could reach $150,000 by the end of 2024 and $250,000 by the end of 2025. Led by Geoff Kendrick, the report highlights that Bitcoin's rise will likely continue, irrespective of the outcome of the US presidential elections.
The analysis, produced by the unit responsible for foreign exchange and digital assets, emphasizes that macroeconomic factors, rather than election outcomes, will drive these price movements. One key point is the Federal Reserve's recent 50 basis point rate cut, which, according to Kendrick, triggered a significant increase in cryptocurrency prices. He believes this reflects a broader trend where macroeconomic conditions, such as monetary policy, will overshadow political events in influencing Bitcoin's price trajectory.
