The post Bitcoin Price Forecast 2024: $125K Possible After U.S. Election, Says Standard Chartered appeared first on Coinpedia Fintech News
With all the volatility in the space right now, big financial players in the U.S. are updating their forecasts for top digital coins. One such player, Standard Chartered, a global banking titan, has recently lifted its price forecasts for Bitcoin. It has forecasted that Bitcoin will achieve new all-time highs by the end of this year, considering the U.S. presidential election.
Let’s take a deeper look into the details here.
Standard Chartered’s Optimistic View
The bank’s report suggests that Bitcoin could reach approximately $125,000 if Donald Trump wins, while a Kamala Harris victory might see it hit around $75,000. This optimistic outlook underscores Bitcoin’s resilience and growth potential amidst political changes.
Histirically, Bitcoin’s performance has remained mostly wild with lots of up and down. Recently, it gained 155.4%, but in past years, it has dropped significantly—by 57.6% in 2014, 73.3% in 2018, and 64.3% in 2022. The biggest gain was in 2013, when Bitcoin skyrocketed by 5,435%. This shows Bitcoin can experience big swings in value.
Catalysts for Growth
The report emphasizes that positive catalysts such as regulatory reform are expected to drive Bitcoin’s price upward. Specifically, the relaxation of stringent regulations, like the repeal of SAB 121, which affects banks’ digital asset holdings, is anticipated to continue progressing into 2025. This regulatory progress, though possibly slower under a Harris administration, is seen as a major factor supporting Bitcoin’s long-term growth.
Short-Term Reactions and Long-Term Trends
Standard Chartered also notes that Bitcoin might experience a short-term sell-off if Harris wins the election, but any decline is expected to be temporary. Investors are likely to seize the opportunity to buy the dip, recognizing that regulatory improvements and other positive market developments will sustain Bitcoin’s upward trajectory.
In addition to regulatory changes, the report highlights the re-steepening of the U.S. Treasury curve as a factor contributing to Bitcoin’s positive momentum. The combination of these market drivers is projected to keep Bitcoin on an upward path, even if initial reactions to the election result cause some volatility.
Seizing the Opportunity
With major players like Standard Chartered adjusting their predictions, investors have a prime opportunity to capitalize on the potential of cryptocurrencies. The rise of Bitcoin ETFs and regulatory progress in the crypto world indicate a thriving market, attracting both traditional and crypto-savvy investors.
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