Standard Chartered Bank’s analyst Geoff Kendrick projects that Bitcoin could reach $125,000 if Republicans dominate the U.S. Congress post-elections on November 5. He anticipates a pre-election price of $73,000, which could rise significantly if Trump is re-elected, while a Harris victory may lead to a temporary decline to around $75,000. Overall, the political dynamics significantly sway Bitcoin’s future valuation.

Standard Chartered Bank has issued a prediction regarding Bitcoin (BTC), suggesting that its value could reach $125,000 by the end of the year, contingent upon a Republican majority in the United States Congress following the elections scheduled for November 5. Analyst Geoff Kendrick expressed optimism about a potential resurgence of Bitcoin, forecasting its price to ascend to approximately $73,000 in anticipation of the election. Kendrick indicated that should former President Donald Trump secure re-election, Bitcoin may experience an initial increase of 4% immediately following the announcement of the results, with an additional spike of 10% shortly thereafter. In his analysis, Kendrick noted, “Our base case is that Bitcoin rises to around USD 73,000 by Election Day, catching up to betting-market probabilities of a Trump win; this is slightly below the c.USD 73,800 all-time high recorded in March.” Conversely, if Vice President Kamala Harris were to claim victory, a temporary decline in Bitcoin’s price is expected, although a year-end valuation of approximately $75,000 could be maintained. Kendrick highlights that current odds place Trump’s chances of winning at 59%, as per RealClearPolitics, while Polymarket assigns him a 75% probability.

The financial outlook for Bitcoin is intricately tied to the political landscape in the United States, particularly during election periods. As Bitcoin prices interact with electoral outcomes, the crypto community is paying close attention to the potential implications of a Trump victory on Bitcoin’s value. Analysts from various institutions have speculated on the correlation between the Republican Party’s success and Bitcoin price fluctuations, reflecting broader sentiments within the cryptocurrency market that may favor deregulation and pro-crypto policies typically associated with the Republican agenda. Given the stakes, the upcoming elections are likely to be pivotal for Bitcoin investors and the cryptocurrency sector at large.

In conclusion, Standard Chartered Bank’s analysis presents a bullish outlook on Bitcoin’s potential value, underscoring the influence of political outcomes on cryptocurrency markets. The forecasted scenarios hinge not only on election results but also on prevailing sentiments surrounding key candidates. As the November elections approach, vigilance from investors regarding the political climate and its effect on Bitcoin remains crucial.

Original Source: cointelegraph.com

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