Geoff Kendrick, the Head of Crypto Research at Standard Chartered Bank, has put forth bullish predictions regarding the Bitcoin price trajectory in the event of the 2024 US presidential election.
According to a CNBC report, Kendrick posits that a potential re-election of Donald Trump could propel Bitcoin to a staggering $125,000 mark. However, he also indicates that Bitcoin is poised to reach new all-time highs regardless of the election outcome, with an anticipated value of $75,000 if Vice President Kamala Harris secures the presidency.
Elaborating on the election’s implications on the cryptocurrency landscape, Kendrick highlights that while the political scenario will undoubtedly influence the Bitcoin market, the perceived risks associated with a Harris presidency might be exaggerated.
According to Kendrick’s analysis, the Bitcoin price is projected to conclude 2024 at record highs under either election scenario, nearing the $125,000 threshold under a Trump victory or hovering around $75,000 in a Harris administration.
In the wake of a potential Harris win. However, an initial price dip could occur, Kendrick asserts that market participants would likely view such declines as buying opportunities, given the expectation of continued regulatory advancements.
Contrary to industry apprehensions regarding Harris potentially adopting a stringent stance towards Bitcoin, Kendrick contends that her administration would likely exhibit a more favorable outlook towards digital assets than a potential second term under President Biden.
Moreover, Standard Chartered remains optimistic about the Bitcoin price future, maintaining a bullish stance by forecasting a surge to $200,000 by the conclusion of 2025, irrespective of the election outcome this year.
Evaluating the current state of the Bitcoin market, crypto analyst Daan Crypto Trades shed light on BTC’s historical performance trends in September.
Despite the general observation that Bitcoin tends to face challenges in September, Daan assesses that whether at the beginning of a bullish trend, in the later stages of previous market cycles, or even in a bearish phase, September typically marks a local bottom followed by a subsequent up move in the fourth quarter.
Recently, Bitcoin encountered two significant downturns, notably on August 5, when it dropped nearly 25%, causing the price to plummet to as low as $49,000.
Subsequently, another retracement occurred on September 6, pushing the price to $52,000. However, amidst these fluctuations, Bitcoin has shown resilience by trading at $58,360, indicating strong support along the macro uptrend line.
Moreover, Daan Crypto Trades emphasizes that a considerable portion of BTC’s liquidity remains at higher levels. This observation aligns with the price effectively clearing out historical levels from approximately the past six months during the sharp decline witnessed in early August.
Highlighting a pivotal level to monitor, the analyst underscores the significance of surpassing the $65,000 mark. Breaking this level would signify the formation of a local higher high, potentially paving the way towards targeting the liquidity at $70,000.
Featured image from DALL-E, chart from TradingView.com
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