Bitcoin’s Price Prospects Post-U.S. Presidential Election: Insights from Analysts
Geoff Kendrick of Standard Chartered forecasts Bitcoin at $73,000 on Election Day with a potential rise of $76,000 if Trump wins, targeting $125,000 by year-end if Republicans dominate. If Harris wins, Bitcoin may drop initially but could reach $75,000 by the end of 2024. Analyst Alex Krüger shifts focus from Ethereum to Solana for his investment strategy based on election results.
A recent analysis by Geoff Kendrick, Standard Chartered’s Global Head of Digital Assets Research, provides a thorough examination of Bitcoin’s potential price movements following the upcoming U.S. presidential election on November 5. Kendrick’s team projects that Bitcoin will hover around $73,000 on Election Day, influenced by current market expectations leaning towards a victory for Donald Trump. Should Trump win, they forecast an initial price uptick of approximately 4%, taking Bitcoin to around $76,000. Furthermore, a comprehensive analysis suggests an overall surge of approximately 10% in the days following the election, advocating for a year-end target price of $125,000 if both the presidency and Congress favor Republican policies, which are perceived to be more conducive to cryptocurrency growth. Conversely, if Kamala Harris secures the presidency, Kendrick anticipates a drop in Bitcoin’s price initially, yet he is optimistic that by the end of 2024, the currency could rise to approximately $75,000. These outlooks utilize data from options markets to substantiate predictions about Bitcoin’s post-election price adjustments. In a related announcement, fellow analyst Alex Krüger has indicated a modification in his investment strategy, primarily focusing on Solana (SOL) as opposed to Ethereum (ETH) in the context of the election outcomes. Krüger’s strategy involves leveraging SOL on election night contingent on Trump’s electoral performance, although he acknowledges potential market volatility due to the intricate counting processes involved in elections. He expressed his intention to hold positions in SOL, even as he recognizes shifting user activity from Ethereum to other platforms.
This analysis provides insight into the financial implications of the U.S. presidential election on cryptocurrency markets, particularly Bitcoin. With the election season intensifying, various analysts, including those from notable institutions such as Standard Chartered and independent operators like Alex Krüger, are paying close attention to how electoral outcomes could impact digital assets. The future of Bitcoin and other cryptocurrencies is often intertwined with policy directions and broader market sentiment shaped by election results, making this an essential area of interest for investors.
In summary, the potential price movements of Bitcoin are significantly influenced by the outcome of the U.S. presidential election, with Standard Chartered predicting a bullish scenario should Trump’s administration prevail. Alex Krüger’s strategic pivot towards Solana underscores evolving market dynamics influenced by both regulatory changes and investor sentiment. As the election approaches, stakeholders in the cryptocurrency landscape are advised to remain vigilant and responsive to these developments.
Original Source: www.cryptoglobe.com
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