Bitcoin Price Forecast: What to Expect by Year-End Based on Election Results
Bitcoin Price– Investment bank Standard Chartered predicts that Bitcoin (BTC) is set to achieve new all-time highs by the end of 2024. The bank’s report suggests that Bitcoin could reach approximately $125,000 if Donald Trump wins the U.S. presidential election or around $75,000 if Kamala Harris is elected.
Impact of U.S. Presidential Election on Bitcoin
While the outcome of the U.S. presidential election is important for digital assets, Standard Chartered believes its impact on Bitcoin’s price will be less significant than in previous years. The bank notes that Bitcoin’s trajectory will be influenced more by broader market trends and regulatory developments.
Regulatory Developments and Bitcoin’s Growth
Positive regulatory changes are expected to support Bitcoin’s growth. The anticipated repeal of SAB 121, which imposes strict accounting rules on banks’ digital asset holdings, is seen as a key factor. The bank foresees continued progress in this area through 2025, although it may be slower if Harris is elected.
Market Reactions to Election Outcomes
Bitcoin is expected to experience an initial sell-off if Kamala Harris wins the election. However, this dip is anticipated to be short-lived as investors recognize that regulatory advancements will continue and other positive market catalysts will drive Bitcoin’s recovery.
Influence of U.S. Treasury Curve on Bitcoin
The report also highlights the role of the U.S. Treasury curve’s re-steepening in generating positive momentum for Bitcoin. This factor is contributing to the overall bullish outlook for the cryptocurrency market.
Long-Term Outlook for Bitcoin
Standard Chartered’s report emphasizes that, regardless of the election outcome, Bitcoin’s long-term outlook remains positive. The continued evolution of regulatory frameworks and market dynamics is expected to bolster Bitcoin’s value and stability in the coming years.
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