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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 EstimatesOct 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.

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