Bank Standard Chartered predicts that the price of Bitcoin (BTC) could reach up to USD 125,000 by the end of 2024 if Donald Trump wins the US presidential election. The analysts based this prediction on broader market factors and expect cryptocurrency development to be influenced not only by the outcome of the election, but also by other fundamental changes in the market.
The estimates are not just dependent on the election
While the election result may affect Bitcoin’s growth rate, analysts point out that the cryptocurrency market is also supported by other factors. These include, most notably, financial market deregulation and the repeal of the SAB 121 rule, which currently restricts banks from holding digital assets. According to Standard Chartered, this rule could be lifted regardless of who wins the election, which would contribute to the growth of BTC.
It is also expected that the price of Bitcoin could reach $75,000 in the event of a Kamala Harris victory. Although growth could be slower than under the Trump administration, the overall outlook remains positive.
Other factors influencing Bitcoin’s growth
In addition to deregulation, the seasonal increase in Bitcoin ETF investments may also have an impact on the Bitcoin price. This surge is expected in October and could boost investor interest in cryptocurrencies, contributing to further BTC growth.
Analysts at Standard Chartered are also monitoring developments in the US Treasury bond markets, which are creating positive conditions for cryptocurrency price growth. Combined with other factors, Bitcoin is thus poised to reach a new all-time high, no matter how the US election turns out.
