Geoff Kendrick, the Head of Crypto Research at Standard Chartered Bank, has issued bullish predictions regarding Bitcoin’s price trajectory in connection with the 2024 US presidential election. Kendrick suggests that a potential re-election of Donald Trump could propel Bitcoin to an extraordinary $125,000 mark. On the other hand, he believes that Bitcoin is set to achieve new all-time highs irrespective of who wins the election, with an anticipated value reaching $75,000 if Vice President Kamala Harris assumes the presidency.
Kendrick elaborates that while the political scenario will significantly impact the Bitcoin market, the perceived risks associated with a Harris presidency could be exaggerated. According to his analysis, Bitcoin’s price is expected to conclude 2024 at record highs in either election scenario. Under a Trump victory, Bitcoin could approach the $125,000 threshold, while under a Harris administration, it could hover around $75,000. Kendrick notes that in the wake of a potential Harris win, an initial price dip might occur, but market participants would likely see such declines as buying opportunities, given the expectation of continued regulatory advancements.
Despite industry apprehensions about Harris possibly adopting a stringent stance toward Bitcoin, Kendrick argues that her administration might exhibit a more favorable outlook towards digital assets than a potential second term under President Biden. Furthermore, Standard Chartered maintains an optimistic view of Bitcoin’s future, forecasting a surge to $200,000 by the end of 2025, regardless of the election outcome this year.
Crypto analyst Daan Crypto Trades evaluated the current state of the Bitcoin market and shed light on BTC’s historical performance trends in September. Despite the common observation that Bitcoin faces challenges in September, Daan assesses that September usually marks a local bottom followed by an upward movement in the fourth quarter, whether at the beginning of a bullish trend, in the later stages of previous market cycles, or even in a bearish phase.
Recently, Bitcoin experienced two significant downturns, notably on August 5, when it dropped nearly 25%, causing the price to plummet to as low as $49,000. Another retracement occurred on September 6, pushing the price to $52,000. However, amidst these fluctuations, Bitcoin has demonstrated resilience by trading at $58,360, indicating strong support along the macro uptrend line.
In addition, Daan Crypto Trades emphasizes that a considerable portion of BTC’s liquidity remains at higher levels, aligning with Bitcoin clearing historical levels from the past six months during the sharp decline witnessed in early August. 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 toward targeting the liquidity at $70,000. Bitcoin has shown a recovery trend as the daily chart indicates that BTC’s price has rebounded to $58,000.
