Standard Chartered Predicts Bitcoin (BTC) Will Hit $73,000 By U.S. Election, $80,000 Surge Possible If Trump Wins

The bank's analysis, based on current options data and betting odds, suggests that Trump's growing lead in key polls is boosting investor confidence in the cryptocurrency market.

Standard Chartered (OTC:SCBFF) is predicting that Bitcoin (CRYPTO: BTC) will hit $73,000 by the time of the U.S. presidential election on Nov. 5.

The bank’s analysis, which is based on current options data and betting odds, suggests that Trump's growing lead in key polls is boosting investor confidence in the cryptocurrency market.

"The odds of a Trump victory, now at 59%, indicate Bitcoin will trade higher into the election," Standard Chartered’s Geoffrey Kendrick told Benzinga in a note.

The bank’s analysts believe that if Trump secures the presidency, a quick 4% rise in BTC could follow, taking the price to around $76,000.

Post-Election Surge Based On Options DataStandard Chartered's forecast also takes into account Bitcoin options break-even levels and popular call strike prices, which are indicating that if Trump wins, BTC could quickly climb to $80,000.

"The heavy open interest in BTC calls expiring on Dec. 27 at the $80,000 level suggests that if Trump wins, we could see Bitcoin rise to around $80,000 within days of the presidential result," Kendrick said.

The analysis highlights the anticipation of a post-election rally, which could be fueled by traders who are betting on a quick and substantial move higher in BTC.

Year-End Target Of $125,000 In PlayLooking beyond the immediate aftermath of the election, Standard Chartered maintains its bullish outlook for Bitcoin, predicting that a Republican sweep of both the presidency and Congress could propel the cryptocurrency to $125,000 by the end of 2024.

This is contingent on the full results of the congressional races, which may take longer to confirm.

"Should the Republicans win Congress, the conditions will be set for a substantial year-end rally, bringing our $125,000 target into view," the report states.

However, the outlook changes if Vice President Kamala Harris wins the election. In that scenario, Standard Chartered expects Bitcoin to initially trade lower but still end the year at new highs around $75,000.

Broader Context And Market TrendsBitcoin's recent price surge aligns with broader market optimism tied to Trump's improving election odds.

Bettors on blockchain based betting market Polymarket have given the former president a 61.9% chance of winning, with a Republican sweep adding to the bullish sentiment for Bitcoin.

This intersection of politics and crypto will be a key topic at Benzinga's Future of Digital Assets event on Nov. 19, where experts will discuss how factors like U.S. elections are shaping the future of digital currencies.

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