Bitcoin Price Forecast: Trump Win Could Boost BTC To $125,000, Standard Chartered
13 Septembre 2024 - 12:30AM
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Geoff Kendrick, the Head of Crypto Research at Standard Chartered
Bank, has put forth bullish predictions regarding the Bitcoin price
trajectory in the event of the 2024 US presidential election.
Bitcoin Price Predictions Soar According to a CNBC report, Kendrick
posits that a potential re-election of Donald Trump could propel
Bitcoin to a staggering $125,000 mark. However, he also indicates
that Bitcoin is poised to reach new all-time highs regardless of
the election outcome, with an anticipated value of $75,000 if Vice
President Kamala Harris secures the presidency. Elaborating on the
election’s implications on the cryptocurrency landscape, Kendrick
highlights that while the political scenario will undoubtedly
influence the Bitcoin market, the perceived risks associated with a
Harris presidency might be exaggerated. Related Reading:
Challenges Mount For Bitcoin Miners As Difficulty Surges To Record
High According to Kendrick’s analysis, the Bitcoin price is
projected to conclude 2024 at record highs under either election
scenario, nearing the $125,000 threshold under a Trump victory or
hovering around $75,000 in a Harris administration. In the
wake of a potential Harris win. However, an initial price dip could
occur, Kendrick asserts that market participants would likely view
such declines as buying opportunities, given the expectation of
continued regulatory advancements. Contrary to industry
apprehensions regarding Harris potentially adopting a stringent
stance towards Bitcoin, Kendrick contends that her administration
would likely exhibit a more favorable outlook towards digital
assets than a potential second term under President Biden.
Moreover, Standard Chartered remains optimistic about the Bitcoin
price future, maintaining a bullish stance by forecasting a surge
to $200,000 by the conclusion of 2025, irrespective of the election
outcome this year. Potential Q4 Rally For BTC Evaluating the
current state of the Bitcoin market, crypto analyst Daan Crypto
Trades shed light on BTC’s historical performance trends in
September. Despite the general observation that Bitcoin tends
to face challenges in September, Daan assesses that whether at the
beginning of a bullish trend, in the later stages of previous
market cycles, or even in a bearish phase, September typically
marks a local bottom followed by a subsequent up move in the fourth
quarter. Recently, Bitcoin encountered two significant downturns,
notably on August 5, when it dropped nearly 25%, causing the price
to plummet to as low as $49,000. Subsequently, another
retracement occurred on September 6, pushing the price to $52,000.
However, amidst these fluctuations, Bitcoin has shown resilience by
trading at $58,360, indicating strong support along the macro
uptrend line. Related Reading: Shiba Inu Accumulation: Whales Pull
Out $4 Million From Exchanges, Can SHIB Recover? Moreover, Daan
Crypto Trades emphasizes that a considerable portion of BTC’s
liquidity remains at higher levels. This observation aligns with
the price effectively clearing out historical levels from
approximately the past six months during the sharp decline
witnessed in early August. Highlighting a pivotal level to monitor,
the analyst underscores the significance of surpassing the $65,000
mark. Breaking this level would signify the formation of a local
higher high, potentially paving the way towards targeting the
liquidity at $70,000. Featured image from DALL-E, chart from
TradingView.com
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