As an experienced financial analyst, I have closely followed the developments in the Bitcoin market and the ongoing United States Presidential election. Based on my research and analysis of the given information, it seems that the price prediction for Bitcoin before the US election is influenced by the perceived friendliness of each candidate towards the crypto sector.
As a crypto investor, I’m excited about the upcoming US Presidential election, which is just around the corner, approximately five months from now. And guess what? Standard Chartered Plc (LON: STAN) is bullish on Bitcoin (BTC), predicting that it could hit $100,000 before the election takes place. I’ve recently heard Geoffrey Kendrick, the head of their forex and digital assets research, express his insights into the potential market developments for Bitcoin and its correlation with a possible change in administration.
Trump or Biden for President?
President Joe Biden, as the 46th president of the United States, has shown clear hostility toward the crypto industry. Through various approved policies, his administration has taken actions perceived as harmful to the digital asset market. The president’s stance on cryptocurrencies became apparent through the aggressive regulatory approach of the Securities and Exchange Commission (SEC), under Gary Gensler’s leadership.
Recently, President Biden has initiated contacts with cryptocurrency sector influencers to discuss future policies. This action indicates a shift in approach, accentuated by the Securities and Exchange Commission (SEC) granting approval for Ethereum spot ETFs.
Americans were thrilled by Biden’s change of heart regarding digital assets, but unexpectedly, the President obstructed attempts to abolish Staff Accounting Bulletin 121 (SAB 121). This regulation compels companies handling cryptocurrencies to report these assets as liabilities on their financial statements. For Kendrick, this ambiguous move makes Donald Trump seem more favorable compared to Biden.
In the lead-up to the US election, the analyst predicted that $100,000 would be surpassed, followed by $150,000 by the end of the year if Trump wins.
As a crypto investor, I’m keeping a close eye on the upcoming Non-Farm Payrolls data release. If it turns out to be more friendly than expected, Bitcoin’s price might just hit a new all-time high (ATH) this weekend.
“This would open the way for $80,000 by end-June,” he added.
Beyond Standard Chartered: Lofty Price Predictions for Bitcoin
As a researcher studying Bitcoin price trends, I’ve observed that recent predictions have shown similar patterns, although not directly tied to the upcoming election. Last month, renowned crypto analyst Willy Woo pointed out that over the past month, “a significant build-up of Bitcoin short positions has been liquidated. One more layer needs to be surmounted in order to squeeze through all-time highs.”
Additionally, it was pointed out that if Bitcoin surpasses its previous record high of $74,000, then the cryptocurrency could enter a new pricing phase, potentially leading to a surge in value toward $100,000 or even higher. Likewise, CEO of Galaxy Digital, Mike Novogratz, anticipates a Bitcoin price reaching $100,000 by the end of the year.
“If we subtract approximately $73,000 from our current total for the next week or so, our year-end balance may reach around $100,000, or possibly even more. Markets tend to establish price ranges.” (Novogratz’s statement)
According to Robert Kiyosaki, the influential author of “Rich Dad Poor Dad” and a strong advocate for cryptocurrencies, Bitcoin could potentially hit a price tag of $350,000 by August 25.
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2024-06-06 16:20