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Geoff Kendrick, head of cryptocurrency research at Standard Chartered Bank, has made optimistic predictions about the bitcoin price trajectory in the event of the 2024 US presidential election.
bitcoin price predictions soar
According to CNBC bitcoin-to-125000-says-standard-chartered-.html” target=”_blank” rel=”nofollow”>reportKendrick posits that a potential re-election of Donald Trump could propel bitcoin to the staggering $125,000 mark. However, he also indicates that bitcoin is poised to hit new all-time highs regardless of the election outcome, with a projected value of $75,000 if Vice President Kamala Harris secures the presidency.
Delving into the implications of the election on the cryptocurrency landscape, Kendrick highlights that while political scenario It will certainly influence the bitcoin market, but the perceived risks associated with a Harris presidency could be exaggerated.
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According to Kendrick’s analysis, bitcoin’s price is projected to end 2024 at all-time highs under any election scenario, approaching the $125,000 threshold with a Trump victory or hovering around $75,000 in a Harris administration.
A potential Harris win, however, could see an initial price drop, Kendrick says, with market participants likely to view such declines as purchasing opportunitiesgiven the expectation of continued regulatory advances.
Contrary to industry apprehensions about Harris potentially taking a hardline stance toward bitcoin, Kendrick argues that her administration would likely exhibit a more favorable outlook toward digital assets than a potential second term under President Biden.
Furthermore, Standard Chartered remains optimistic about the future of the bitcoin price and maintains a bullish stance predicting an increase to $200,000 by the end of 2025, regardless of the outcome of this year's election.
btc Possible Rally in Q4
Assessing the current state of the bitcoin market, cryptocurrency analyst Daan crypto Trades shed light on btc’s historical performance trends in September.
Despite the general observation that bitcoin tends to face challenges in September, Daan x.com/DaanCrypto/status/1833959196049510503″ target=”_blank” rel=”nofollow”>evaluate whether at the beginning of an uptrend, in the later stages of previous market cycles or even in a bearish phaseSeptember typically marks a local low followed by an upward move in the fourth quarter.
bitcoin recently suffered two major crashes, most notably on August 5, when it dropped by almost 25%, causing its price to fall to $49,000.
Another pullback followed on September 6, pushing the price up to $52,000. However, amidst these fluctuations, bitcoin has shown resilience by trading at $58,360, indicating strong growth. support along the macro ascending trend line.
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Furthermore, Daan crypto Trades emphasizes that a considerable portion of x.com/DaanCrypto/status/1834230735554650492″ target=”_blank” rel=”nofollow”>btc Liquidity It remains at higher levels. This observation coincides with the fact that the price effectively exceeded the historical levels of approximately the last six months during the sharp drop observed in early August.
Highlighting a key level to watch, the analyst underlines the importance of breaking above the $65,000 mark. Breaking this level would mean the formation of a higher local high, which could pave the way towards the liquidity target of $70,000.
Featured image of DALL-E, chart from TradingView.com
