bitcoin Predicted to Reach New All-Time Highs Regardless of US Election Outcome
bitcoin is on track to achieve new all-time highs by the end of the year, according to a recent report from Standard Chartered analyst Geoff Kendrick. Despite the uncertainty surrounding the upcoming US election, Kendrick believes that the positive drivers behind bitcoin's growth will prevail, driving the price to unprecedented levels.
In his report, Kendrick stated that regardless of whether Trump or Harris wins the election, he foresees bitcoin reaching new highs. A Trump victory could potentially propel bitcoin to $125,000, while a Harris win could see it reach $75,000. Interestingly, Kendrick also highlighted that the election's impact on bitcoin's future trajectory is less significant than previously anticipated when Joe Biden was the Democratic candidate.
Trump vs. Harris: How Does The Election Impact bitcoin?
Former President Donald Trump's evolving stance on cryptocurrencies has caught the attention of the crypto community. Despite his initial criticism of bitcoin as a "scam," Trump has recently shown support for the digital asset space. He has voiced plans to position the US as the global "crypto capital" if re-elected, contrasting with the Biden Administration's stricter approach towards cryptocurrencies.
On the other hand, Vice President Kamala Harris's ties to the current administration have raised concerns among some investors. Kendrick noted that Harris's election could trigger an initial price decline, citing potential friction between her and the crypto community. However, reports suggest that Harris may be more open to digital assets than her predecessor, Joe Biden, signaling a potential shift in policy if she were to become president.
Key Drivers: What Will Push bitcoin to New Highs?
One of the key factors driving bitcoin's price growth, according to Kendrick, is the progress in relaxing regulatory constraints. The potential repeal of SAB 121, which imposes strict rules on banks' digital asset holdings, is expected to continue regardless of the election outcome, albeit at a slower pace under a Harris presidency.
Additionally, a re-steepening of the US Treasury curve has been identified as another positive momentum builder for bitcoin. Kendrick also highlighted the expected seasonal rebound in spot bitcoin ETFs inflows in October as a contributing factor to bitcoin's upward trajectory.
As the year progresses, analysts are optimistic that bitcoin will surpass its previous all-time high of $73,750.07 and continue its upward momentum. The mixture of regulatory developments, market trends, and investor sentiment suggests that bitcoin is poised for a significant quarter, setting the stage for a potential surge to new highs.
