Standard Chartered: Bitcoin Set to Hit $73K on US Election Day

Stocks Watch October 28, 2024 News Team

Standard Chartered’s Election Day Forecast: BTC Set to Reach $73K

Standard Chartered’s Global Head of Digital Assets Research, Geoff Kendrick, published a report last week outlining projected bitcoin price movements based on potential outcomes of the upcoming U.S. presidential election. The research provides detailed scenarios for how bitcoin could respond to different election results.

“We use daily BTC vol levels and popular strike levels to estimate post-election price moves,” the analyst detailed, emphasizing:

We think the BTC price is likely to be at around USD 73,000 on Election Day, 5 November.

Kendrick further analyzed the impact of a Trump victory on bitcoin’s price, suggesting it could initially rise by 4% following the election results, with a total gain of around 10% in the days following. “Assuming a Trump victory, options breakevens imply a further price rise of about 4% when the presidential outcome is known, and around 10% in total within a few more days,” Kendrick stated.

The Standard Chartered analyst added:

If the Republicans sweep Congress, our year-end target level of USD 125,000 should come into view.

In a different scenario, Kendrick said that if Vice President Kamala Harris wins the presidency, bitcoin may see an initial dip. However, he anticipates the cryptocurrency could still reach record levels by the end of 2024. “If Harris wins, we see BTC initially trading lower but still ending 2024 at fresh highs around USD 75,000,” Kendrick noted, suggesting a resilient outlook for bitcoin in the long term under Democratic leadership.

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