Bitcoin Price Targets Based on Harris or Trump Win: Chartered Standard

Bitcoin (BTC) is on track to reach new all-time highs by the end of 2024, according to Standard Chartered.

According to the bank’s global head of digital assets, Geoff Kendrick, quoted in a recent CoinDesk report, Bitcoin could rise to $125,000 if former US President Donald Trump wins the next election or $75,000 under the presidency of Kamala Harris .

Political impact on Bitcoin

While presidential elections are known to influence financial markets, Standard Chartered believes the outcome of this year’s race will have less of an impact on Bitcoin than it did during the Biden-Trump contest.

Kendrick explained that the market now anticipates key regulatory progress regardless of who takes office. Specifically, the potential repeal of SAB 121, a strict accounting policy enforced by the US Securities and Exchange Commission (SEC) on banks’ digital asset holdings, is likely to occur in 2025, providing a strong tailwind of against for Bitcoin.

The bank’s report also noted that while Trump is perceived to be friendlier to crypto than Harris, the latter’s administration would not stop Bitcoin’s rise, but could slow the pace of regulatory progress.

Beyond the election, changes in the US Treasury market are another critical factor that the bank’s crypto chief hopes will support Bitcoin’s growth. He noted that the US Treasury curve is currently re-sloping, with break-even points falling less sharply than real yields.

This combination of falling risk-neutral yields and stable forward premiums is building what the market watcher describes as “positive momentum” for Bitcoin’s long-term price trajectory.

Miner activity established to influence prices

This is not the first time that Standard Chartered has projected a bullish position on Bitcoin. Earlier this year, the bank made the same point about the upcoming US election as a major catalyst for cryptocurrency price movement.

At the time, he suggested that BTC could even reach $150,000 by the end of the year if Trump is returned to office. The lender believed that political factors, combined with regulatory and economic changes, could provide a solid foundation for Bitcoin’s rise in the coming months.

Also, in its July outlook, Standard Chartered maintained its view, saying that BTC has the ability to reach $120,000. He cited increased profitability for miners as one of the key factors in his positive outlook, and Kendrick explained that with the price of Bitcoin rising at the time, miners were seeing higher returns per BTC mined, which which allowed them to sell fewer coins while maintaining their cash flow.

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