With the approach of the US presidential election, Bitcoin price is ready for a major wave. Crypto media reports reveal Standard Chartered Bank’s analysis shows that the world’s largest cryptocurrency could jump by 73 per cent and revisit its record high of $73,800. This bullish prediction has been attributed to different influences, which include the increasing Yields in the U.S. Treasury, interest in the futures of bitcoins, and fluctuating odds of Trump’s presidency in 2024.
Bitcoin Rally Expected Before US Elections
The report was released on Tuesday by the Global Head of Digital Assets Research at Standard Chartered, Geoff Kendrick. The title of the report, ‘‘Bitcoin Surge Looms as U.S. Election Nears — Standard Chartered Predicts BTC Rally to $73,800,‘’ is the focus keyword for the report, which shows the possibility of bitcoin moving past its previous record high.
In the note, Kendrick sought to explain the recent rally of Bitcoin price based on a number of market factors. He said, “The combined factors mean a bleed up towards the all-time high of $73,800 looks likely pre-election.” Among the main drivers of this increase are the augmented U.S.Treasury yield curve , rising interest in spot Bitcoin ETFs and chance of Donald Trump winning the presidency.
Kendrick also highlighted that institutional uptake of Bitcoin has gone higher, with good demand for spot Bitcoin ETFs. He focused on the increasing open interest in BTC, particularly the call options with vigor above $ 80K strike price at Deribit by December 27 expiry. “And another 1,500 bitcoin was added to the open interest of the $80,000 call in the past week, he noted.” Overall options volume rose 44% over the five days through mid-March, showing increasing optimism about Bitcoin’s direction.
Institutional Inflows and Bitcoin ETFs Drive Confidence
Holding bitcoin directly has recently become less popular due to the increase in new products such as spot Bitcoin ETFs, which allows investors to invest in bitcoins without necessarily owning bitcoins. This has attracted institutional investors and further enhancing Bitcoin bullish run.
Furthermore, the steepest yield curve in U.S. Treasury has also made Bitcoin price to be more desirable as an investment compared to traditional assets. When the yields on long-term bonds go up, therefore, risk assets such as Bitcoin price is more attractive particularly when the economy is unpredictable. This situation, added to the progress in Trump’s election campaigns, opens the floodgates for Bitcoin to rise to the stratosphere.
As he said: “Bitcoin’s momentum is being driven by both institutional inflows and increasing call option activity,” particularly highlighting $80,000 strike price. They believe that the value of Bitcoin price will not only reach but even surpass the previous record high point.
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The U.S. election adds a level of uncertainty which typically serves risk assets well. The probability of Trump’s victory in the 2024 election has recently climbed to 56.3% on Polymarket. If Trump wins then there is a 70% probability of a clean sweep for the Republicans in congress and this could be very positive for bitcoins. But, again, according to Kendrick, the adoption of new assets remains strong irrespective of the convenience of election outcomes.
Potential Bitcoin Price Scenarios Based on Election Outcome
However, Standard Chartered’s forecasts do not simply go up to the two-year outlook. Based on the result of the U.S election, the bank has offered potential situations and their interpretations. Specifically, Kendrick anticipates that if Trump clinches a victory the value of bitcoins could shoot up to $125,000. On the other hand, if Kamala Harris is elevated to the presidency, the price of Bitcoin may perhaps surge to $ 75000 or even slightly lower in the short-run if she wins.
These estimations are made under the assumption that the Republican administration would be more friendly towards digital assets, leading users to require Bitcoin to increase.
It is good news that digital currencies are gradually becoming recognized and accepted, and institutions are showing more interest in investing in Bitcoin or related products. One is the transforming nature of the US Treasury yield curve – which is also positive for Bitcoin becoming popular in volatile environments.
Bitcoin Price Future Looks Bright Amid Election Uncertainty
Lastly, the Macroeconomic situation and the future US presidential election have made Standard Chartered currently predicting a 73% rise in Bitcoin price. With Bitcoin now trading at around $28,000, some believe that it could easily pass $73,800 – and the continuing trend is bolstering traders and institutional customers.
The need for bitcoin ETFs increases, new institutional money, and big open interest on call options indicate that Bitcoin is close to the next big rally. In any case of victory or lose, Bitcoin’s expanded use and prospect of becoming a hedge against other financial assets are not affected.
With stakes being high in the election and people seeking risk assets due to the uncertainty, Bitcoin price is set for a major trend. This crypto giant is likely to try to repeat the previous high in the following weeks or even record better outcomes. In the words of Standard Chartered’s Kendrick, “Bitcoin is on its way to attain the new all-time high.” Keep following TheBITJournal for the latest crypto updates and Bitcoin prices.
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The price predictions and financial analysis presented on this website are for informational purposes only and do not constitute financial, investment, or trading advice. While we strive to provide accurate and up-to-date information, the volatile nature of cryptocurrency markets means that prices can fluctuate significantly and unpredictably.
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