Geoff Kendrick, Standard Chartered’s head of digital assets research, has predicted that Bitcoin could climb to $100,000 in the lead-up to the U.S. presidential election and could even reach an impressive $150,000 by the end of the year if Donald Trump secures another term.
“As we approach the U.S. election, I expect $100,000 to be reached and then $150,000 by year-end in the case of a Trump victory,” Kendrick stated. He cited Trump’s perceived crypto-friendly stance as a key factor driving this bullish outlook.”
Many experts and stakeholders have made bold predictions about the possibility of an imminent Bitcoin price rally. These predictions have been based on varying reasons, including current crypto market dynamics and the regulatory climate in the U.S.
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However, Kendrick’s optimism, which is mostly tied to the upcoming U.S. presidential election, is also based on the country’s jobs report, which is expected to be released on today, June 7, 2024.
According to Kendrick’s analysis, a favourable report could propel Bitcoin to $80,000 by the end of June.
“If tomorrow’s payrolls data are friendly, I would expect a fresh all-time high to be reached over the weekend,”
he noted.
Kendrick’s forecast comes against the backdrop of evolving monetary policy trends worldwide. Several central banks in developed economies, such as the European Central Bank (ECB) and the Danish central bank, have recently implemented rate cuts. The ECB, for instance, reduced rates by 25 basis points just last Thursday.
While the U.S. The Federal Reserve has not yet hinted at an imminent rate cut; Kendrick believes that softening inflation and economic growth data could prompt such a move. He noted his year-end target of $150,000 for Bitcoin would see the cryptocurrency’s market capitalization reach a level comparable to AI-Chipmaker NVIDIA’s recent milestone valuation of $3 trillion.
Bitcoin’s current all-time high (ATH) of $73,770 was achieved on March 14, 2024,, in the run-up to its halving event. It would need to increase by over 100% from that point to reach Kendrick’s projected price. According to the latest market data, the cryptocurrency is currently valued at $71,895.89.
Disclaimer: This report is intended solely for informational purposes and should not be considered trading or investment advice. Nothing herein should be construed as financial, legal, or tax advice. Trading or investing in cryptocurrencies carries a considerable risk of financial loss. Always conduct due diligence.
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