With the current volatility in the cryptocurrency market, major financial players in the U.S. are updating their forecasts for top digital coins. Standard Chartered, a global banking giant, recently revised its price predictions for Bitcoin, projecting new all-time highs by the end of this year, influenced by the outcome of the upcoming U.S. presidential election.
Let’s take a deeper look into the details here.
Bitcoin’s Rollercoaster Performance History
According to the bank’s report, Bitcoin could soar to around $125,000 if Donald Trump wins the election, while a Kamala Harris victory might see it reach approximately $75,000. This optimistic forecast highlights Bitcoin’s resilience and growth potential amidst shifting political landscapes.
Bitcoin has been known for its extreme price fluctuations. It recently achieved a gain of 155.4%, but has also seen significant drops in past years—falling 57.6% in 2014, 73.3% in 2018, and 64.3% in 2022. The most dramatic rise was in 2013, when Bitcoin skyrocketed by an astounding 5,435%.
These numbers underscore Bitcoin’s capacity for large swings in value.
What’s Driving the Growth?
The report emphasizes that regulatory reforms could serve as a major catalyst for Bitcoin’s price increase. Key changes, such as the relaxation of stringent regulations like the potential repeal of SAB 121—which affects banks’ digital asset holdings—are anticipated to progress into 2025. While the pace of these reforms could be slower under a Harris administration, they are still viewed as crucial for Bitcoin’s long-term growth.
Short-Term Volatility, Long-Term Gains
Standard Chartered also warns of a possible short-term sell-off if Harris wins the election, but expects any decline to be temporary. Investors are likely to take advantage of the dip, recognizing that ongoing regulatory improvements and other positive market factors will continue to support Bitcoin’s upward trend.
Beyond regulatory changes, the report also points to the re-steepening of the U.S. Treasury curve as another factor bolstering Bitcoin’s positive momentum. Together, these market drivers are expected to keep Bitcoin on an upward trajectory, even if initial reactions to the election results cause some short-term volatility.
The Road Ahead
With major players like Standard Chartered adjusting their forecasts, investors have a prime opportunity to leverage the potential of cryptocurrencies. The rise of Bitcoin ETFs and ongoing regulatory progress in the crypto sector indicate a robust and thriving market, attracting interest from both traditional investors and the crypto-savvy alike.
Read Also: Slump in Crypto Price Today! Can Altcoins Trigger a Recovery?
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