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As we approach the end of 2024, the cryptocurrency markets are expected to experience significant volatility. Standard Chartered Bank has released a report forecasting that Bitcoin (BTC) could reach new highs by the end of the year, regardless of the outcome of the U.S. presidential election. According to the bank’s Bitcoin prediction, a Donald Trump victory could push BTC’s value to $125,000, while a win by Kamala Harris might see it stabilize at around $75,000.
Bitcoin Prediction Draws Attention
Standard Chartered’s report suggests that the impact of the election on markets might not be as substantial as expected. The bank argues that regulatory reforms affecting the cryptocurrency market will play a more critical role than the election itself. One key regulation in question is the removal of SAB 121, which could significantly impact market sentiment in a positive way.
The report indicates that this regulation will continue through 2025, though a Harris victory could slow the process. Despite the potential delay, the overall effect of regulatory reforms on the cryptocurrency market is expected to be positive.
U.S. Treasury Data and Bitcoin
Another key point highlighted in the report is the steepening of the U.S. Treasury yield curve, which is seen as a positive momentum signal for Bitcoin. The yield curve reflects the country’s economic health and financial market confidence. A steepening curve indicates rising long-term interest rates, which can drive more interest in alternative investments like Bitcoin.
Geoff Kendrick, an analyst at Standard Chartered, believes that this shift in the Treasury curve will likely increase investor interest in Bitcoin, providing strong support for the crypto markets in the coming months.
What Do the Election Results Mean for Bitcoin?
The 2024 U.S. presidential election is a crucial event for the cryptocurrency markets. However, Standard Chartered’s report advises against overestimating its direct impact. While the bank predicts a rapid Bitcoin prediction rise if Trump wins, it also foresees a temporary dip if Harris takes office. The report emphasizes that Harris’ victory could result in short-term selling pressure, but regulatory reforms would eventually stabilize the market, presenting a buying opportunity for investors.
In the long term, Bitcoin’s performance in 2024 and beyond is expected to be significantly influenced by regulatory changes. The removal of SAB 121 will allow banks to have more flexibility in accounting for crypto assets, increasing Bitcoin’s adoption potential. Despite a possible delay under Harris, these reforms are expected to have a lasting positive effect on the market.
Turkish NY Radio will continue to follow these developments closely.
