With the US elections nearing, Standard Chartered Bank says that a Republican Congress could push Bitcoin to a $125,000 price. Indeed, that would catapult the leading cryptocurrency way beyond its all-time high figure that it set earlier this year. Moreover, the prediction notes that BTC’s future increase is no longer tied directly to Donald Trump.
Throughout his bid for reelection, Trump has firmly embraced cryptocurrencies. That has led many to predict big things for the asset class should the former president return once again to the Oval Office. Now, there is the expectation that Republicans winning Congress could be just as impactful to crypto and its position in the country.
(Source: Keystone Newsroom)
Also Read: Microsoft Shareholders to Vote on Bitcoin Investment Despite Board’s Warning
Republican Congress Can Push Bitcoin to New Heights, Standard Chartered Says
Throughout the 2024 election season, Bitcoin has become a key point of political discourse. The emerging asset class reached new levels of exposure and adoption this year. In January, it became the first crypto-based ETF in the United States. Therefore, exposing the leading crypto to institutional investment interest while pushing it to a $73,000 all-time high.
Yet, that could just be the beginning for the tokens price. According to Standard Chartered Bank, a Republican Congress could push Bitcoin above the $125,000 mark by the end of the year. Indeed, analyst Geoff Kendrick said that the November 5th elections could be huge for the asset in a recent research note from Thursday.
Also Read: Standard Chartered: Bitcoin Under $60k is Buying Opportunity
Kendrick predicts that the asset will return to its all-time high level during the elections. Then, its position from there will depend on how those elections go. A Trump victory should increase the asset by 4%, the analyst expects. However, he notes that it is likely to increase another 10% in just mere days after the results are finalized.
If Kamala Harris wins, Kendrick predicts Bitcoin to trade lower than the 2024 high for a bit. But he does assure that he expects that to change. Specifically, he notes that the asset should end the year around the $75,000 mark, thereby setting a new all-time high.
