The crypto market is bracing for a potential surge as the U.S. presidential election nears, with experts offering bold predictions for Bitcoin’s price trajectory.
Geoff Kendrick, head of digital assets research at Standard Chartered, has forecasted that Bitcoin could soar to $100,000 as the election approaches, and potentially reach a staggering $150,000 by year-end if Donald Trump secures a victory.
“As we approach the U.S. election, I expect $100,000 to be reached and then $150,000 by year-end in the case of a Trump victory,” Kendrick stated in a research note on Thursday. He cited Trump’s perceived crypto-friendly stance as a key factor driving this bullish outlook.
Fueling this optimism, Kendrick highlighted the possibility of Bitcoin reaching a fresh all-time high over the upcoming weekend, contingent on a favorable nonfarm payrolls report due on Friday.
“If tomorrow’s payrolls data are friendly, I would expect a fresh all-time high to be reached over the weekend,” he noted.
Bitcoin’s current record stands at $73,750.07, achieved on March 14th. A positive report could pave the way for Bitcoin to surge to $80,000 by the end of June, according to Kendrick’s analysis.
The forecast comes amid a backdrop of shifting monetary policy trends globally. Central banks in developed economies, including the European Central Bank (ECB) and the Danish central bank, have recently implemented rate cuts, with the ECB slashing rates by 25 basis points on Thursday.
While the U.S. Federal Reserve has yet to signal an imminent rate cut, analysts suggest that a recent softening in inflation and economic growth data could potentially trigger such a move. The upcoming Consumer Price Index (CPI) release, scheduled for later this month, is being closely watched as a potential catalyst for Bitcoin to breach new all-time highs.
Kendrick reiterated his year-end target of $150,000 for Bitcoin, asserting that such a price would place Bitcoin’s market capitalization at $3 trillion, comparable to NVIDIA’s recent milestone valuation.