Bitcoin
Standard Chartered Sees Bitcoin Rising to $150,000 by Year End if Trump Wins Presidency
Standard Chartered Sees Bitcoin Rising to $150,000 by Year End if Trump Wins Presidency
The crypto market is bracing for a potential surge as the US presidential election approaches, with experts offering bold predictions for Bitcoin’s price trajectory.
Geoff Kendrick, head of digital asset research at Standard Chartered, predicted that Bitcoin could rise to $100,000 as the election approaches and potentially reach a staggering $150,000 by the end of the year if Donald Trump secures a victory.
“As we get closer to the US elections, I expect $100,000 and then $150,000 to be reached by the end of the year in the event of a Trump victory,” Kendrick said. stated in a research note on Thursday. He cited Trump’s pro-crypto stance as a key factor driving this bullish outlook.
Fueling this optimism, Kendrick highlighted the possibility of Bitcoin reaching a new all-time high next weekend, depending on a favorable non-farm payrolls report due on Friday.
“If tomorrow’s payrolls data is friendly, I expect a new all-time high to be reached over the weekend,” he noted.
Bitcoin’s current record is $73,750.07, reached on March 14. A positive report could pave the way for Bitcoin to rise to $80,000 by the end of June, according to Kendrick’s analysis.
The forecast comes in a context of changes in monetary policy trends worldwide. Central banks in developed economies, including the European Central Bank (ECB) and the Danish central bank, have recently implemented rate cuts, with the ECB reducing rates by 25 basis points on Thursday.
While the US Federal Reserve has not yet signaled an imminent rate cut, analysts suggest that a recent slowdown in inflation and economic growth data could potentially trigger such a move. The upcoming Consumer Price Index (CPI) release, scheduled for later this month, is being closely watched as a potential catalyst for Bitcoin to reach new all-time highs.
Kendrick reiterated his year-end target of $150,000 for Bitcoin, stating that such a price would put Bitcoin’s market capitalization at $3 trillion, comparable to NVIDIA’s recent historical valuation.