As Election Day in America draws near, Standard Chartered has shared a bullish projection for Bitcoin’s value, anticipating it could rocket to $73,000 by November 5th. In a recently published report, Geoff Kendrick, Global Head of Digital Assets Research at Standard Chartered, outlined how political outcomes may impact the cryptocurrency’s performance and laid out potential price movements for Bitcoin in light of the impending election results, offering investors a comprehensive view.
Standard Chartered’s Election Day Outlook: Bitcoin Targeting $73K
Kendrick analyzed current Bitcoin trading volumes, options market “popular strike levels,” and typical market trends surrounding major political events, which often cause increased financial sector volatility including in crypto. This examination led Standard Chartered to estimate:
“We foresee the BTC price reaching approximately USD 73,000 on Election Day, November 5th.”
Kendrick’s analysis is based on data that normally accompanies high-stakes occasions like national elections, which tend to spur more unpredictability in the markets as results roll in. For investors, this Election Day projection presents a potentially profitable scenario as Bitcoin’s price path aligns with mounting anticipation over the outcome of the U.S. vote.
Potential Upside with a Trump Victory: A Post-Election Bitcoin Rally
In exploring possible election outcomes, Kendrick also pondered the ramifications of a victory by former President Donald Trump. According to his projections, a Trump triumph could spur Bitcoin’s value to leap 4% right after the results, with the overall gains anticipated to reach approximately 10% in the subsequent days.
Kendrick’s insights propose that a Trump-led administration may generate a beneficial environment for Bitcoin, potentially through policies that could motivate digital asset development. He stated:
“Assuming a Trump victory, options breakevens imply a further price rise of about 4% when the presidential outcome is known and around 10% in total within a few more days.”
This scenario could present an attractive opportunity for short-term investors as they capitalize on the initial market reactions, particularly if market sentiment toward Bitcoin continues to shift in response to policy changes.
Republican Majority in Congress Could Signal $125K BTC by Year-End
Standard Chartered’s report goes beyond Election Day predictions, speculating on the potential for Bitcoin to reach an even more ambitious high by year’s end if Republicans take control of Congress. A Republican-led Congress, Kendrick argues, may create a more favourable regulatory landscape for cryptocurrencies, thereby boosting Bitcoin’s long-term outlook. The bank’s report points to the potential for Bitcoin to hit a year-end target of $125,000 under this scenario, reflecting a renewed wave of optimism for investors.
Kendrick explained the reasoning behind this projection, noting that a Republican majority may ease regulatory challenges for the crypto sector, which could accelerate Bitcoin’s growth:
If the Republicans retain control of Congress, hitting our year-end target for Bitcoin of $125,000 looks increasingly achievable,” speculated one report.
This prognosis introduces an intriguing facet to consider regarding the election’s impact on cryptocurrency prices, suggesting Republican leadership on Capitol Hill could cultivate conditions conducive to the digital asset’s sustained appreciation.
A Harris Victory: Divergent Directions for Bitcoin?
The analysis also pondered the potential effects should current Vice President Kamala Harris emerge victorious, envisioning how her administration may shape Bitcoin’s trajectory going forward. In this scenario, the outlook initially forecasts a moderate pullback as markets adjust to anticipated policy stances under Democratic leadership. Nonetheless, the prediction holds that Bitcoin will rebound impressively to reach approximately $75,000 by the 2024 close.
As detailed in the report, a Harris administration was anticipated to usher in a more gradual uptrend over the long haul. Yet it acknowledged Bitcoin’s resilience, stating:
“Though we forecast short-term declines if Harris wins, Bitcoin is still projected to set new all-time highs around $75,000 by the end of 2024.”
This underscores Bitcoin’s ability to recover strongly, irrespective of changes in the political landscape, reflecting the maturing nature of the cryptocurrency market in navigating economic and regulatory headwinds. Investors Eye Potential Election-Driven Trading Opportunities
With the U.S. midterms looming, investors are closely watching for shifts that could impact markets, and Bitcoin has emerged as one area poised for reaction. Standard Chartered’s analysis has shed light on how differing electoral outcomes may influence the digital asset’s price action in both the near and far term, offering insight into how traders could position around these scenarios.
Standard Chartered’s analysis has prompted fervent discussions within the cryptocurrency sphere regarding Bitcoin’s possible price trajectories surrounding a determinative election. Both avid supporters and prudent analysts are bracing themselves for an intensified period of market moves, recognizing that election outcomes and the subsequent policy implications may significantly impact Bitcoin’s direction in the quarters ahead.
The Central Takeaway: Election Day as a Trigger for Bitcoin Surges
Standard Chartered’s projections underscore how seminal political events can play a role in dynamically shifting Bitcoin’s value fluctuations. As the voting day draws near, the potential for Bitcoin to reach new highs has become a frequent topic of debate among investors, with divergent electoral results poised to steer the digital currency along different paths. The bank’s forecast not only signals a probable swell in Bitcoin’s immediate worth but also primes the pump for additional growth avenues as the regulatory landscape is remoulded in the wake of election results.
With Election Day presently looming large on crypto traders’ radars, Bitcoin’s ensuing price movements could very well be shaped by the outcome of one of the most closely watched elections in recent history.
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