Bitcoin can hit Standard Chartered's estimated value of $73K by Election Day, or $80K if President Trump wins, according to crypto bank.
The Ethereum is expected to increase by 60% during the United States presidential elections period, as new forecast by Standard Chartered states. By the time of the elections on November 5th, 2024, the bank’s model anticipates that the BTC/USD exchange rate will reach $73,000; it could move to $80,000 soon after, according to the bank, in the event of Trump’s victory. This piece of news published on 25 th October emphasizes on the fact that politics might determine the psyche of the Bitcoin.
That analysis is based on options data and betting odds, and the information is the most recent; there has been an increase in Trump’s lead in key elections polls. While Trump has a better chance of winning, people are buying more cryptocurrency the market saying it is time to invest.
Geoffrey Kendrick from Standard Chartered: Trump has a real shot at winning, and so run up to the election Bitcoin could start going up. RTDBG “As things stand now, Trump has a probability of 59 percent in winning the elections, and that’s propping Bitcoin as we head to Election Day,” Kendrick said in a note to Benzinga. If Trump does win, it will be widely speculated that the price of Bitcoin will increase by as much as 4% in the first few days, on the back of which it might touch $76,000.
Post-Election Surge?
If Trump will indeed be able to secure a win, then Standard Chartered’s assessment shows how Bitcoins price could skyrocket based on options data as well as strike prices. There is lot of open interest in the BTC calls specially those having expiry in December at $80000. The forecast that emerged on the bank’s web-site states that a Trump victory might boost the rate of Bitcoin by 10% and bring the rate up to $80000 within a few days after the election.
It is quite fascinating that there is so much expectation of a rally after the elections. A large number of investors are monitoring the options market and the information revealed does point to high likelihood of Bitcoin experiencing upside if Trump were to emerge victorious. Want to know more, well investors are definitely taking large risks as they eye Bitcoin reaching $80,000 by year end.
$125,000 year end target in play
Deciding beyond the election cycle, Standard Chartered expects a much greater bullishness for Bitcoin should Republicans command both the White House and Congress. Should any of this play out, then there exist prospects that BTC may hit $125,000 by the end of 2024.
But it may be some time before final outcomes of congressional races are declared, and this may take time before a rally is seen. The bank notes that with Republicans grabbing Congress it could be what sends Bitcoin hitting $125,000 before the end of the year. The time that Trump is in the White House and has the congress dominated by Republicans would consequently be a best environment for Bitcoin to explode.
However, it’s not plain sailing for Bitcoin by any means. If the current Democratic ticket of Joe Biden and the California Senator Kamala Harris emerge the winners, then Standard Chartered has expected BTC to fall little. Although the price falls slightly before, the bank expects that by year-end, Bitcoin will return to a higher level of $75,000 by the end of 2024.
Market Optimism
The technical advance in Donald Trump’s position to increase overall market sentiment and probability is the reason behind the recent ascending Bitcoin price. According to the blockchain betting platform Polymarket, its clients tend to believe Trump has a 61.9% chance of becoming President. Another boost in positivity for Bitcoin has been registered after a Republican victory.
And as we inch closer towards the election, this intersection of politics and crypto is a big topic. It will be a major theme at the upcoming Benzinga Future of Digital Assets conference on November 19, when industry insiders will debate how the US presidential elections may affect digital currencies.
Since the election is looming, everyone is keen to see how Bitcoin performs in response. And no matter if the famous billionaire Donald Trump takes the presidency again or Kamala Harris manages to secure the win for years ahead – Bitcoin definitely is programming itself for volatile thrills until 2024.
