Standard Chartered Predicts Record High for BTC This Year, Regardless of US Election Outcome
CryptoNewsTerminal Staff12 Sep, 2024
Standard Chartered Predicts Record High for BTC This Year, Regardless of US Election Outcome
Standard Chartered (SC), a major British banking group, has predicted that Bitcoin (BTC) could hit a new record high by the end of this year, regardless of the outcome of the US presidential election. According to Jeff Kendrick, SC's head of crypto research, the US election could have an impact on BTC, but the influence is likely to be less than when Joe Biden was elected, as there is "more positivity regardless of the outcome." The US Treasury market environment is also providing positive momentum for BTC, and crypto custody accounting guidance for financial institutions (SAB 121) is expected to be removed next year. Additionally, October could see "a large inflow" into physical bitcoin ETFs, Kendrick added. If Donald Trump wins, SC predicts BTC could move into the $125,000 range, while a Kamala Harris victory could see BTC move into the $75,000 range. However, Kendrick emphasizes that these predictions are subject to market conditions and other factors.
