Bitcoin's potential 2024 high has been forecasted by Standard Chartered to reach approximately $125,000, particularly if former President Donald Trump secures victory in the upcoming election. This optimistic view highlights the broader positive outlook on Bitcoin and digital assets, influenced by several key factors irrespective of the election outcome.
Influences on Bitcoin Price Projections
Standard Chartered's projections include a scenario where Bitcoin could also reach around $75,000 if Vice President Kamala Harris wins. Both forecasts suggest new record highs for Bitcoin, indicating the firm’s optimistic stance on the cryptocurrency's future.
Impact of US Election
While the US election is expected to influence digital assets, the effect is anticipated to be less dramatic than in previous cycles. The firm's analysts note, "Progress on relaxing regulations – especially the repeal of SAB 121, which imposes stringent accounting rules on banks' digital asset holdings – will continue irrespective of the election outcome, albeit at a slower pace under a Harris presidency."
Regulatory and Market Factors
A significant factor supporting Bitcoin's price is the anticipated regulatory progress. Additionally, developments in US Treasury markets and an expected seasonal rebound in Bitcoin ETF inflows in October are seen as positive momentum drivers.
Standard Chartered points out that current US Treasury market trends, such as a "re-steepening curve" and falling breakevens, are fostering a positive environment for Bitcoin.
Potential Market Dynamics
In the event of a Harris win, there might be an initial Bitcoin price dip. However, the analysts predict that market recognition of ongoing regulatory progress and other positive factors will likely lead to a rebound.
Overall, the analysis by Standard Chartered suggests Bitcoin is poised to achieve new highs by the end of 2024, regardless of the election outcome. Such insights are crucial for investors looking to make informed decisions in the cryptocurrency market.
