Standard Chartered’s head of digital assets research, Geoff Kendrick, has made a bold prediction that Bitcoin could surge to $150,000 if Donald Trump wins the upcoming U.S. presidential election. Kendrick expects the price of Bitcoin to reach $100,000 and then potentially hit $150,000 by the end of the year in the event of a Trump victory. This forecast comes in light of various economic indicators and political developments that are impacting the Bitcoin market.
Kendrick emphasized that the U.S. election will be the next significant driver for Bitcoin’s price. He also mentioned the importance of the upcoming nonfarm payrolls report, set to be released on Friday, as a potential catalyst for Bitcoin to reach a new all-time high. Bitcoin’s current record stands at $73,770, and Kendrick believes that a favorable jobs report could push the price of Bitcoin up to $80,000 later this month.
The prediction by Standard Chartered underscores the influence that political developments can have on the Bitcoin market. With over 50 million Bitcoin and crypto holders in the United States, the outcome of the presidential election is expected to have a significant impact on the future of Bitcoin. The market response to the election results could potentially shape the trajectory of Bitcoin’s price in the coming months.
As investors and traders closely monitor the political landscape and economic data, the uncertainty surrounding the U.S. election adds to the volatility in the cryptocurrency market. While some may view Kendrick’s prediction of Bitcoin reaching $150,000 in the event of a Trump victory as optimistic, others may see it as a possibility given the current market conditions and the potential impact of political outcomes.
In conclusion, the forecast by Standard Chartered’s Geoff Kendrick highlights the interconnectedness of politics, economics, and cryptocurrency markets. The upcoming U.S. election and the release of key economic data will continue to be closely watched by investors and traders as they assess the potential impact on Bitcoin’s price. As the cryptocurrency market remains highly volatile, predicting the exact trajectory of Bitcoin’s price remains a challenging task, but market experts like Kendrick provide insights and forecasts to help navigate the evolving landscape of digital assets.
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