Investment powerhouse Standard Chartered has issued bold predictions for Bitcoin (BTC), with analysts forecasting a record-breaking all-time high (ATH) by November. According to Geoff Kendrick, Global Head of Digital Asset Research at Standard Chartered, the U.S. presidential election outcome could propel Bitcoin to new heights. Kendrick anticipates that on Election Day, November 5, BTC could rally to its ATH at $73,000.
Election Day BTC Price Forecast
Kendrick’s analysis relies heavily on Bitcoin futures volume and transaction metrics, suggesting that Election Day trading activity and strike prices could drive BTC to peak levels. The analyst believes BTC reaching near $73,000 is a strong possibility, with futures markets offering key indicators of this potential rally.
Bitcoin Nears Peak – Market Experts See Continued Gains
Kendrick also predicts a substantial impact if Donald Trump secures the presidency, expecting an immediate 4% rise in BTC. In the days following the election, additional gains could bring Bitcoin to a total 10% increase, reflecting the significant influence of election results on the crypto markets.
The Role of Options Markets in BTC’s Potential Surge
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Experts highlight the options market’s potential influence on Bitcoin’s price trajectory. Kendrick notes a sizable open position for BTC call options expiring December 27, with a strike price of $80,000. This positioning suggests a widespread market expectation for Bitcoin to climb towards the $80,000 level. Additionally, a Republican win in Congress could further boost Bitcoin’s year-end target to an impressive $125,000. Conversely, should Kamala Harris win, Bitcoin may initially dip but is still projected to close 2024 around $75,000.
Positive Signals for Bitcoin Investors
Recent trading reports also point to favorable conditions for Bitcoin. Transactions linked to Trump supporters have boosted BTC’s price, aligning with polling data from companies like RealClearPolitics, which shows Trump with a 59% chance of winning. Additionally, the current $65,200 level is being viewed as the pre-election support level, from which BTC could begin its anticipated climb.
The crypto world is watching closely, with the U.S. election set to be a pivotal moment for Bitcoin and other digital assets. As The Bit Journal highlights, these projections show the undeniable interplay between U.S. politics and crypto market movements.
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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.
You should conduct your own research and consult with a qualified financial advisor before making any investment decisions. The Bit Journal does not guarantee the accuracy, completeness, or reliability of any information provided in the price predictions, and we will not be held liable for any losses incurred as a result of relying on this information.
Investing in cryptocurrencies carries risks, including the risk of significant losses. Always invest responsibly and within your means.
