search
Homeweb3.0Bitcoin (BTC) Price Could Hit $73.8K Pre-US Election, Standard Chartered Estimates

Bitcoin (BTC) Price Could Hit $73.8K Pre-US Election, Standard Chartered Estimates

Oct 16, 2024 am 06:28 AM
bitcoin Rally800 $73 US Election Standard Chartered

Geoff Kendrick, the head of digital asset research at Standard Chartered, recently estimated that the Bitcoin price could hit $73,800 ahead of the US presidential election on Tuesday November 5

Bitcoin (BTC) Price Could Hit .8K Pre-US Election, Standard Chartered Estimates

Bitcoin price has recently shown promising momentum, surging to its highest level since July and briefly touching $67,900, notching up a 7% gain in the last 24 hours.

This surge comes after a dip to $58,900 at the end of last week, further fueling bullish sentiment among investors who are optimistic about the cryptocurrency’s potential to reach new heights before the end of the year.

However, this optimistic outlook may be realized even sooner than expected, according to research from multinational bank Standard Chartered.

Key Factors Behind BTC’s Price Surge

Geoff Kendrick, Standard Chartered’s head of digital asset research, recently estimated that the Bitcoin price could hit $73,800 ahead of the US presidential election on Tuesday, November 5. This would mark a 10% increase from current levels.

His analysis is particularly focused on one of the largest public BTC holders, MicroStrategy, which recently increased its holdings to 252,000 BTC, largely under the vision of co-founder and renowned Bitcoin bull Michael Saylor.

Historically, MicroStrategy and Bitcoin have moved in tandem, but Kendrick observed that MicroStrategy’s stock has been outperforming Bitcoin recently, suggesting a developing premium that could be driving Bitcoin prices higher in the coming days.

Two key factors underpin this bullish outlook. The first is the news, reported by Bitcoinist last month, that BNY Mellon has received an exemption from SAB 121, a regulation that requires financial institutions to list cryptocurrencies on their balance sheets.

Such regulatory relief is often seen as a positive signal for the broader Bitcoin market, potentially encouraging wider institutional adoption and acting as a bullish catalyst for the ongoing rally seen in recent days, according to Kendrick.

The second factor relates to MicroStrategy’s stated intention to evolve into a “Bitcoin bank,” which would involve offering Bitcoin capital market instruments. Kendrick believes that future exemptions could allow the firm to generate yield by lending out its Bitcoin holdings.

As the digital asset ecosystem gains legitimacy and accessibility, MicroStrategy’s valuation should rise, further benefiting BTC’s price over the long term, the analyst added.

Both Presidential Candidates Could Boost Bitcoin Price

Regarding the upcoming presidential election, Kendrick sees the outcome as less important than these fundamental factors. He argues that irrespective of whether Donald Trump or Kamala recovers, the broader digital asset ecosystem is increasingly set to become more mainstream.

While Kendrick has previously suggested that a Trump presidency would be the most beneficial scenario for BTC, with notable proposals for the industry including the establishment of a Bitcoin reserve for the country, he maintains that both candidates could positively impact the asset in the longer term.

In fact, Kendrick projects that if Trump regains the presidency, the Bitcoin price could reach $125,000 by the end of 2024.

At the time of writing, BTC is trading at $67,000, still clinging to some of its 2% gains in the 24-hour time frame despite quickly retracing before hitting $68,000.

Both candidates have expressed support for cryptocurrencies and blockchain technology during their campaigns. Trump has proposed creating a "digital dollar" and cutting taxes on cryptocurrency gains, while Harris has pledged to support blockchain startups and create a regulatory framework for digital assets.

These policies could help to boost the adoption and price of Bitcoin and other cryptocurrencies in the coming years. However, it is important to note that the presidential election is just one of many factors that will influence the future of Bitcoin.

The above is the detailed content of Bitcoin (BTC) Price Could Hit $73.8K Pre-US Election, Standard Chartered Estimates. For more information, please follow other related articles on the PHP Chinese website!

Statement
The content of this article is voluntarily contributed by netizens, and the copyright belongs to the original author. This site does not assume corresponding legal responsibility. If you find any content suspected of plagiarism or infringement, please contact admin@php.cn
Tether's Gold-Backed Crypto XAUT Hits Record High Amid Investor SurgeTether's Gold-Backed Crypto XAUT Hits Record High Amid Investor SurgeApr 29, 2025 am 11:26 AM

Tether's gold-backed token, XAUT, has released its first official attestation, confirming it is backed by over 246500 ounces of gold

Sens. Adam Schiff and Elizabeth Warren Demand Investigation into Trump's Meme Coin DinnerSens. Adam Schiff and Elizabeth Warren Demand Investigation into Trump's Meme Coin DinnerApr 29, 2025 am 11:24 AM

Sens. Adam Schiff (D-CA) and Elizabeth Warren (D-MA) said the dinner proved Trump may be engaging in “pay-to-play corruption.”

BlockDAG (BDAG) Raises Over $219.5M, Prepares for ETHPanama and Events in SingaporeBlockDAG (BDAG) Raises Over $219.5M, Prepares for ETHPanama and Events in SingaporeApr 29, 2025 am 11:22 AM

Crypto discussions are heating up again with Dogecoin (DOGE), Binance Coin (BNB), and BlockDAG (BDAG) taking different paths. The DOGE price is stuck just under $0.17

MANTRA Burns 150 Million OM Tokens to Boost StabilityMANTRA Burns 150 Million OM Tokens to Boost StabilityApr 29, 2025 am 11:20 AM

After facing a tough month with a 90% price dip, MANTRA has moved to stabilize its economy by initiating a major token burn.

Meme Coin FloppyPepe (FPPE) Could See a Jaw-Dropping 7,400% SurgeMeme Coin FloppyPepe (FPPE) Could See a Jaw-Dropping 7,400% SurgeApr 29, 2025 am 11:18 AM

In the ever-changing world of cryptocurrency, investors are constantly on the lookout for the next big opportunity. While XRP has long been a favorite

title: Tether Reveals It Holds $770M in Gold Bullion Backing Its XAUT Stablecointitle: Tether Reveals It Holds $770M in Gold Bullion Backing Its XAUT StablecoinApr 29, 2025 am 11:16 AM

Tether, the company behind several leading cryptocurrency stablecoins, including USDT, announced Wednesday that it holds $770 million in physical gold bullion reserves backing its Tether Gold (XAUT) stablecoin.

Baby BoomersBaby BoomersApr 29, 2025 am 11:14 AM

se Launches Bitcoin Yield Fund (CBYF) Targeting Baby Boomers

Three very different projects are making headlines, but only one is rewriting the rules of how Web3 should work.Three very different projects are making headlines, but only one is rewriting the rules of how Web3 should work.Apr 29, 2025 am 11:12 AM

Toncoin gained 4% after Telegram founder Pavel Durov's return and a $400 million funding wave for TON's ecosystem.

Hot AI Tools

Undresser.AI Undress

Undresser.AI Undress

AI-powered app for creating realistic nude photos

AI Clothes Remover

AI Clothes Remover

Online AI tool for removing clothes from photos.

Undress AI Tool

Undress AI Tool

Undress images for free

Clothoff.io

Clothoff.io

AI clothes remover

Video Face Swap

Video Face Swap

Swap faces in any video effortlessly with our completely free AI face swap tool!

Hot Tools

ZendStudio 13.5.1 Mac

ZendStudio 13.5.1 Mac

Powerful PHP integrated development environment

EditPlus Chinese cracked version

EditPlus Chinese cracked version

Small size, syntax highlighting, does not support code prompt function

PhpStorm Mac version

PhpStorm Mac version

The latest (2018.2.1) professional PHP integrated development tool

Atom editor mac version download

Atom editor mac version download

The most popular open source editor

WebStorm Mac version

WebStorm Mac version

Useful JavaScript development tools