As a seasoned analyst with extensive experience navigating the complexities of global finance and cryptocurrency markets, I find Geoff Kendrick’s insights intriguing. Given my personal journey through the volatile crypto landscape, I have come to appreciate the nuanced interplay between politics and digital assets.
Geoff Kendrick, who serves as the Chief Cryptocurrency Analyst at Standard Chartered Bank, has made optimistic forecasts about the potential future value of Bitcoin based on the outcome of the 2024 U.S. presidential election.
Bitcoin Price Predictions Soar
Based on a report from CNBC, Kendrick predicts that if Donald Trump gets re-elected, Bitcoin could soar to an impressive level of around $125,000. On the other hand, he suggests that Bitcoin is primed to hit unprecedented peaks regardless of the election result, with a projected value of approximately $75,000 if Vice President Kamala Harris becomes president.
Discussing how the outcome of the election may shape the future of cryptocurrencies, Kendrick points out that although the political environment is likely to impact the Bitcoin market, concerns about potential risks under a Harris presidency could be overstated.
As per Kendrick’s assessment, it’s predicted that the price of Bitcoin will reach new peak levels by the end of 2024, regardless of whether Trump or Harris wins the election. If Trump wins, the price could approach $125,000, whereas under a Harris administration, it might stabilize around $75,000.
As a researcher looking ahead, should a Harris victory materialize, I foresee an initial drop in prices. Yet, according to my analysis, market participants might perceive these decreases as potential buying opportunities. This perspective stems from the anticipation that progressive regulations will continue to unfold.
Contrary to industry apprehensions regarding Harris potentially adopting a stringent stance towards Bitcoin, Kendrick contends that her administration would likely exhibit a more favorable outlook towards digital assets than a potential second term under President Biden.
Furthermore, Standard Chartered continues to be confident in the potential growth of Bitcoin’s price, holding a positive outlook that it could reach $200,000 by the end of 2025, regardless of the results from this year’s elections.
Potential Q4 Rally For BTC
Analyzing the present situation in the Bitcoin market, cryptocurrency expert Daan Crypto Trades highlighted the typical patterns of BTC‘s past performance during the month of September.
Regardless of the common perception that Bitcoin often encounters difficulties in September, Daan believes that, regardless if it’s at the start of an uptrend, towards the end of past market cycles, or even during a downtrend, September usually signifies a local minimum point from which the price typically starts to increase again in the fourth quarter.
Lately, Bitcoin has experienced a couple of substantial drops, with one happening on August 5, where its value plunged approximately 25% and fell to around $49,000.
After that, there was another drop in price on September 6, taking it down to $52,000. Despite these ups and downs, Bitcoin has demonstrated strength by maintaining its trade at $58,360, suggesting a robust support along the long-term upward trend line.
Additionally, Daan Crypto Trades highlights that a significant amount of Bitcoin’s liquidity persists at higher price points. This finding corresponds with the market price surpassing previous levels over the past six months during the steep drop experienced in early August.
Emphasizing a crucial point for observation, the analyst stresses the importance of reaching beyond the $65,000 threshold. Crossing this level could indicate the creation of a local peak, possibly opening up a pathway towards aiming for the liquidity at $70,000.
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2024-09-13 01:52