Bitcoin

Standard Chartered Predicts Bitcoin Surge To $100,000 Pre-US Elections

Geoffrey Kendrick, head of foreign exchange and digital property analysis at Standard Chartered, predicts that the Bitcoin worth might surge to $100,000 forward of the US presidential elections this November. In an email to The Block, Kendrick elaborated on the elements driving this forecast and provided a extra detailed outlook for BTC’s worth trajectory.

If This Occurs, Bitcoin Might Surge To $100,000 By November

“As we approach the US election, I expect $100,000 to be reached and then $150,000 by year-end in the case of a Trump victory,” Kendrick acknowledged. He pointed to the present political local weather and up to date regulatory choices, noting, “The Biden administration recently showed pragmatism in approving the spot Ether ETFs, but subsequently Biden vetoed efforts to repeal SAB 121. So Trump is still more friendly than Biden.”

Kendrick emphasised the potential affect of tomorrow’s US Non-Farm Payrolls knowledge on BTC’s worth. He famous that favorable knowledge might set off a brand new all-time excessive over the weekend, opening the way in which for $80,000 by the tip of June. “If the data is ‘friendly,’ I expect a fresh all-time high for Bitcoin’s price to be reached over the weekend,” he stated.

The analyst additionally reiterated his long-term worth predictions, sustaining a year-end goal of $150,000 and an end-of-2025 forecast of $200,000 per BTC. “Notably, a $150,000 price by end-2024 would see Bitcoin join the $3 trillion club in terms of market cap, following NVDA’s $3 trillion market cap which was reached yesterday,” Kendrick highlighted.

Two months in the past, Standard Chartered launched a research note providing a bullish outlook for Bitcoin and Ethereum by the tip of 2024 and past. The financial institution’s analysts projected Bitcoin might attain $150,000, whereas Ethereum might hit $8,000. These projections have been bolstered by the launch of Bitcoin spot exchange-traded funds (ETFs) in america, which have seen huge inflows.

Kendrick and Suki Cooper defined that “rapid inflows to the new Bitcoin spot ETFs have dominated […] Most of the inflows are likely to be sticky pension-type flows,” underscoring the newfound stability in BTC funding tendencies.

Standard Chartered’s bullish Bitcoin valuation is predicated on three pivotal analyses. First, drawing parallels with the gold market’s response to the introduction of US gold ETFs, the financial institution estimates BTC might rise to the $200,000 stage, marking a 4.3x enhance from its pre-ETF worth.

Second, by optimizing a portfolio with 80% gold and 20% Bitcoin at present gold costs, the evaluation suggests a Bitcoin stage of round $190,000. Lastly, a linear extrapolation based mostly on the correlation between ETF inflows and BTC worth factors to a doable $250,000 stage, assuming complete ETF inflows across the financial institution’s midpoint estimate of $75 billion.

The financial institution famous that these measures counsel “that $200,000 is the ‘correct’ end-2025 price level for BTC, […] and that it is likely to be the new midpoint for a sideways trading range at that time.” The analysis additional instructed that an “overshoot to $250,000 is likely at some point in 2025 if ETF inflows continue apace and/or reserve managers buy BTC.”

At press time, BTC traded at $71,183.

BTC trades above $71,000, 1-day chart | Supply: BTCUSD on TradingView.com

Featured picture from CNBC, chart from TradingView.com

DailyBlockchain.News Admin

Our Mission is to bridge the knowledge gap and foster an informed blockchain community by presenting clear, concise, and reliable information every single day. Join us on this exciting journey into the future of finance, technology, and beyond. Whether you’re a blockchain novice or an enthusiast, DailyBlockchain.news is here for you.
Back to top button