Standard Chartered Says Bitcoin Could Reach $73.8K Before US Election

As Bitcoin continues to show signs of upward momentum, Standard Chartered has shared an optimistic prediction for the leading crypto asset. According to analyst Geoff Kendrick, Bitcoin could reach its previous peak of $73,800 ahead of the US presidential election.

He noted that Bitcoin’s potential price rise is being fueled by several factors, including a steepening in the US Treasury yield curve, renewed market interest in spot Bitcoin exchange-traded funds (ETFs), and the rising odds of a Donald Trump victory in the upcoming US presidential election. 

“For bitcoin the combined factors mean a bleed up towards the all-time high of $73,800 looks likely pre-election,” Kendrick said. 

Bullish Factors for Bitcoin

Per Kendrick’s observation, Bitcoin and other crypto assets have begun experiencing a surge in value in response to the steepening of the US Treasury yield curve. The shift in the yield curve signals increasing market volatility and anticipation of potential interest rate hikes, which often drives demand for alternative assets like bitcoin.

He highlighted the growing interest in spot Bitcoin ETFs and increased activity in the derivatives market as key factors driving Bitcoin’s upward trajectory. According to data from SoSoValue, the product saw their largest single-day net inflows since June, with a total of $5556 million on Monday. 

Kendrick also mentioned MicroStrategy, the largest corporate holder of Bitcoin whose stock outperformed the crypto asset. He emphasized that this demonstrates confidence in its evolving role, particularly with potential Bitcoin lending activities.

Analyst Reaffirms Bitcoin Surge Under Trump

Pointing out the effect of the US upcoming election on BTC price, Kendrick said that the probability of Donald Trump winning increased to 56.3% according Polymarket prediction platform, which is an important factor that could propel the asset’s price surge. 

“If Trump wins, there is a 70% probability that Republicans will control the Senate and House of Representatives. This could create favorable conditions for the rise of risky assets, including Bitcoin,” Kendrick said. 

Kendrick has previously forecasted a potential surge of Bitcoin’s value under a Trump administration, indicating that political outcomes could significantly impact the cryptocurrency market.