Trump’s Victory Could Send Bitcoin Price to $150,000
Standard Chartered Foresees $100,000 in November; Trump’s Win Could Propel It to $150,000 by December.
Key Takeaways
- Standard Chartered predicts a $100,000 Bitcoin price in November.
- Trump's win could boost Bitcoin to $150,000 by December.
- Analysts predict price breakouts driven by economic and rate cuts.
Standard Chartered's Head of Forex and Digital Assets Research Geoff Kendrick sees the upcoming US presidential election as a major catalyst for the Bitcoin price movement.
On June 6, Kendrick explained that as the US November election draws nearer, he expects Bitcoin price to reach $100,000. If Donald Trump wins, he expects the price to pump to $150,000 by December.
This Standard Chartered Prediction aligns with Trump's recent pro-crypto stance, evident in his campaign. He has openly endorsed digital assets and urged the US to strive for crypto industry supremacy.
Also, recall that on May 21, the Trump Campaign announced plans to accept cryptocurrency donations to fund his re-election bid. This move was in contrast to President Biden's anti-crypto policies and legislation.
Furthermore, Kendrick explained that a favorable Non-farm payroll report on June 7 could propel Bitcoin price to a new record over the weekend.
This move could push BTC above $80,000 later this month. This would represent a notable increase from Bitcoin's current all-time high of $73,750.07, achieved on March 14, 2024.
The Non-farm payroll data reports the number of new jobs added to the US economy, an economic health indicator.
Positive Non-farm payroll data usually signal economic strength, increasing investor confidence and potential risk-on sentiment. An increase in this metric can boost the price of assets like Bitcoin, combined with more investment funds such as Fidelity showing greater support for Bitcoin portfolio allocations.
Conversely, negative payroll data can trigger risk-off behavior, potentially driving investors away from volatile assets like Bitcoin.
Standard Chartered is a multinational banking and financial services company headquartered in London, England. The banking giant operates a network of over 1,200 branches and outlets across more than 70 countries, primarily in Asia, Africa, and the Middle East.
Standard Chartered provides various services, including investment banking and corporate banking, catering to individual and institutional clients.
Standard Chartered's Prediction May Impact the Market
Standard Chartered Bank's bullish projections could shape the Bitcoin market by boosting investor confidence and attracting new investments.
When a legacy financial institution forecasts a price moonshot backed with relatable drivers, it can create a positive sentiment among investors, increasing demand and potentially driving up the Bitcoin price.
Additionally, such predictions can also draw the attention of institutional investors and large-scale traders, further adding liquidity and stability to the market.
Meanwhile, other staunch Bitcoin supporters and analysts have made forecasts that align with the Standard Chartered prediction.
For instance, crypto analyst Mikybull used the renowned Wyckoff method to predict a potential Bitcoin price breakout to $85,000.
The Wyckoff method identifies accumulation and distribution phases in asset prices to predict future price trends based on market participants' buying and selling activities.
Moreover, analysts believe that a combination of potential Federal Reserve actions, US economic data, and global rate cuts could drive Bitcoin to new all-time highs.
Central banks in developed economies have already begun easing monetary policy. For instance, the European Central Bank (ECB) and the Danish central bank cut benchmark rates by 25 basis yesterday.
Similarly, the Bank of Canada lowered rates earlier this week, and the Swiss National Bank made cuts in March. In light of this, Bitcoin could experience a significant price surge if the US Federal Reserve joins the rate-cutting trend.
Jimmy Aki
Drawing from his background in economics, Jimmy has monitored blockchain development for years, firmly believing in its power to democratise finance. Beyond offering commentary on the latest crypto developments, he also spends his time analysing open-source codes of promising projects on GitHub. Jimmy holds Bitcoin and Ethereum.
