Standard Chartered predicts Bitcoin could soar to $150,000 by the end of 2024 if Donald Trump wins the U.S. presidential election, citing his crypto-friendly policies.
The crypto market is bracing for a potential surge as the U.S. presidential election nears, with experts offering bold predictions for Bitcoin's price trajectory.
Geoff Kendrick, head of digital assets research at Standard Chartered, has forecasted that Bitcoin could soar to $100,000 as the election approaches, and potentially reach a staggering $150,000 by year-end if Donald Trump secures a victory.
"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 in a research note on Thursday. He cited Trump's perceived crypto-friendly stance as a key factor driving this bullish outlook.
Fueling this optimism, Kendrick highlighted the possibility of Bitcoin reaching a fresh all-time high over the upcoming weekend, contingent on a favorable nonfarm payrolls report due on Friday.
"If tomorrow's payrolls data are friendly, I would expect a fresh all-time high to be reached over the weekend," he noted.
Bitcoin's current record stands at $73,750.07, achieved on March 14th. A positive report could pave the way for Bitcoin to surge to $80,000 by the end of June, according to Kendrick's analysis.
The forecast comes amid a backdrop of shifting monetary policy trends globally. Central banks in developed economies, including the European Central Bank (ECB) and the Danish central bank, have recently implemented rate cuts, with the ECB slashing rates by 25 basis points on Thursday.
While the U.S. Federal Reserve has yet to signal an imminent rate cut, analysts suggest that a recent softening in inflation and economic growth data could potentially trigger such a move. The upcoming Consumer Price Index (CPI) release, scheduled for later this month, is being closely watched as a potential catalyst for Bitcoin to breach new all-time highs.
Kendrick reiterated his year-end target of $150,000 for Bitcoin, asserting that such a price would place Bitcoin's market capitalization at $3 trillion, comparable to NVIDIA's recent milestone valuation.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap. CoinMarketCap is not responsible for the success or authenticity of any project, we aim to act as a neutral informational resource for end-users.
