Bitcoin’s value could potentially reach $150,000 by the end of 2024, according to Standard Chartered, if Donald Trump wins the upcoming U.S. presidential election. This bold prediction underscores the significant impact political developments can have on the cryptocurrency market.
Key Takeaways
- Bitcoin could hit $150,000 by the end of 2024 if Trump wins the U.S. presidential election.
- Standard Chartered’s forecast is based on the assumption that Trump’s victory would positively impact the crypto industry.
- Bitcoin’s price could reach $100,000 ahead of the U.S. elections.
- Favorable economic indicators, such as the U.S. Non-Farm Payrolls data, could drive Bitcoin to new all-time highs.
Standard Chartered’s Bold Prediction
Geoffrey Kendrick, head of forex and digital assets research at Standard Chartered, has made a striking forecast that Bitcoin could surge to $150,000 by the end of 2024 if Donald Trump wins the U.S. presidential election. Kendrick’s prediction is based on the belief that a Trump victory would be a positive boost for the cryptocurrency industry.
"As we approach the U.S. election, I expect $100,000 to be reached and then $150,000 by year-end in the case of a Trump victory," Kendrick stated. He also mentioned that Bitcoin could reach a new all-time high over the weekend if the upcoming Non-Farm Payrolls data is favorable.
Economic Indicators and Market Sentiment
The forecast comes amidst a backdrop of economic indicators and political developments influencing the Bitcoin market. Kendrick highlighted that the next significant driver for Bitcoin’s price would be the U.S. election. He also noted that Bitcoin could reach $80,000 later this month if the nonfarm payrolls report is positive.
Bitcoin’s current all-time high, set on March 14, stands at $73,770. A positive jobs report could pave the way for Bitcoin to reach $80,000 later this month, Kendrick noted.
Impact of Political Developments
The prediction underscores the significant impact political developments can have on the Bitcoin market. With over 50 million Bitcoin and crypto holders in the United States, the outcome of the presidential election is poised to play a crucial role in shaping the future of Bitcoin.
Sentiment for Bitcoin and the broader crypto market has risen since May, following the listing approval for ether (ETH) ETFs and support for the industry among U.S. political parties. ETFs crossed $15 billion in net inflows on Tuesday for the first time since going live in January, boosting sentiment among Bitcoin traders.
Conclusion
Standard Chartered’s forecast of Bitcoin reaching $150,000 by the end of 2024 hinges on the assumption of a Trump victory in the upcoming U.S. presidential election. As political and economic developments continue to unfold, the cryptocurrency market remains highly sensitive to these factors, making the future of Bitcoin both exciting and uncertain.
Sources
- Bitcoin (BTC) Prices Could Hit $150K by 2024-End on Hopes of Donald Trump Being Re-Elected: Standard Chartered, CoinDesk.
- Standard Chartered says bitcoin could hit $100,000 ahead of US elections | The Block, The Block.
- Bitcoin to Hit $150,000 if Trump Wins Presidency, Predicts Standard Chartered – Bitcoin Magazine – Bitcoin News, Articles and Expert Insights, Bitcoin Magazine.
