Standard Chartered Predicts Record BTC Price, Says Election Matters Less Than Market Thinks

Head of Crypto Research at Standard Chartered, Geoff Kendrick, believes a new all-time high is possible for Bitcoin no matter who wins the US election in November. Both Kamala Harris and Donald Trump didn’t mention Bitcoin during a recent debate, but Trump is still seen as the pro-crypto candidate, as Harris lacks a clear path for the crypto sector so far.

Related: Swyftx Lead Market Analyst Pav Hundal Discusses Aave, Solana, Bitcoin

But according to Kendrick, while still impactful on the industry, a Harris win may be viewed too pessimistically by the market. However, he does have a scenario where a Trump win catapults BTC to US$125,000 (AU$185,819), which is more than double its current price.

But even if Harris wins the race for the White House, the price could still hit US$75,000 (AU$111,507).

BTC will end 2024 at fresh all-time highs under either election outcome – [circa] $125,000 level under Trump or [circa] $75,000 level under Harris.

Geoff Kendrick, Standard Chartered

Kendrick also believes Harris would be more open to the industry than Biden currently is, reinforcing the firm’s belief in a target of US$200,000 (AU$297,379) for BTC by the end of 2025.

Crypto Here to Stay but Bitcoin Price Goes Nowhere Fast, Says Survey

According to CoinDesk a survey conducted by Deutsche Bank is in overall agreement with this positive outlook, though not on the immediate price action.

The survey shows fewer people believe crypto is just a passing trend, with less than 1% of US consumers thinking so. But, while many can see crypto replacing cash in the long run, a third of the people surveyed believe the price of Bitcoin will not surpass US$60,000 (AU$89,225) by the end of 2024.

And consumers are also worried about a crash, with half of respondents worried about a collapse in the next two years.

Bitcoin meanwhile holds steady just above the US$58k (AU$86.25k) mark, up just 2% in the past seven days. This comes as the European Central Bank (ECB) just announced an interest rate reduction ahead of the expected US reduction.

Related: eToro USA Settles SEC Charges, Limits Crypto Trading Options

Analysts at The Kobeissi Letter believe despite mixed signals based on US macro data, the rate cut is still going to be a modest 0.25%, adding that we “are not ready for 50 bps rate cuts”.