Standard Chartered’s latest report forecasts significant movement in Bitcoin’s price, with an Election Day target of $73,000. Geoff Kendrick, the bank’s Global Head of Digital Assets Research, analyzed potential outcomes tied to the upcoming U.S. presidential election, predicting various price trajectories depending on election results.
Standard Chartered Predicts $73K Bitcoin by Election Day
The analysis, based on daily BTC volatility levels and prominent strike prices, suggests Bitcoin is on track to reach $73,000 by November 5, Election Day. Kendrick detailed scenarios for each possible election outcome.
Should former President Trump win, Kendrick projects an initial 4% boost for Bitcoin, with a total rise of 10% in the days following.
He explains, “Assuming a Trump victory, options breakevens imply a further price rise of about 4% when the presidential outcome is known and around 10% in total within a few more days.”
According to Kendrick, a Trump win, coupled with a Republican sweep of Congress, could drive Bitcoin even higher, bringing Standard Chartered’s year-end target of $125,000 into realistic view.
Alternatively, if Vice President Kamala Harris secures a win, Kendrick envisions a short-term dip in Bitcoin’s value. Despite this potential setback, the analyst believes Bitcoin could rally to a high of $75,000 by the end of 2024 under Democratic leadership, underscoring his resilient long-term outlook for the cryptocurrency.
“If Harris wins, we see BTC initially trading lower but still ending 2024 at fresh highs around USD 75,000,” Kendrick noted.
The Effect of Election on Cryptocurrencies
Standard Chartered’s projections underscore the impact of macroeconomic events on cryptocurrency prices, highlighting how political outcomes could influence investor sentiment.
The report suggests that Bitcoin’s price response to the election will hinge not only on the presidential winner but also on Congress’s composition, with broader implications for U.S. economic policy and regulatory stances on digital assets.
With Election Day just a year away, Bitcoin enthusiasts and investors are watching closely, as Standard Chartered’s forecast reinforces the potential for major price swings tied to political events.