Bitcoin is expected to reach new all-time highs by the end of 2024, regardless of the outcome of the US election, as stated by Investment Bank Standard Chartered analyst Geoff Kendrick. In a report on September 12th, Kendrick predicted that Bitcoin could hit new highs by the end of the year, with a Trump win potentially pushing it to $125,000 and $75,000 if Harris wins. The impact of the US presidential election on Bitcoin’s future trajectory is expected to be less significant than before when Joe Biden was the Democratic candidate.
Former President Donald Trump’s stance on cryptocurrencies has evolved over time, despite previously calling Bitcoin a “scam.” He now supports the crypto industry, advocating for the US to become the global “crypto capital” if he is re-elected. On the other hand, Vice President Kamala Harris’ affiliation with the current Biden administration may cause initial price declines if she wins. However, reports suggest that Harris may be more open to digital assets than Biden, although she has not released a formal policy framework on the matter. Overall, Kendrick advises investors to expect market recognition of progress on the regulatory front, leading to positive market reactions.
Key drivers that are expected to push Bitcoin to new highs include progress on relaxing regulations, such as the repeal of SAB 121, which imposes strict accounting rules on banks’ digital asset holdings. This progress is anticipated to continue regardless of who wins the election, although it may take longer under a Harris presidency. Additionally, a re-steepening of the US Treasury curve and a seasonal rebound in spot bitcoin ETF inflows in October are factors contributing to Bitcoin’s positive momentum. Analysts, including Kendrick, have a shared sentiment that Bitcoin is poised for a monumental quarter as it aims to surpass its previous high of $73,750.07.
In conclusion, the future of Bitcoin’s price is expected to be positive, with factors such as progress on regulatory fronts and market momentum contributing to its potential new all-time highs by the end of 2024. The impact of the US election on Bitcoin’s trajectory is anticipated to be less significant, with analysts highlighting key drivers that will push Bitcoin to surpass its previous highs. Despite uncertainties surrounding the election outcome, including the potential impact of a Trump or Harris presidency on Bitcoin, market sentiment remains optimistic about the digital asset’s growth in the coming months. Investors are advised to stay informed about regulatory developments and market trends to capitalize on potential opportunities in the evolving cryptocurrency landscape.
