Bitcoin Poised for New All-Time High Before US Presidential Election, Analysts Predict
Bitcoin, the world’s leading cryptocurrency, may be on track to reach a new all-time high before the upcoming US presidential election, according to recent predictions by financial experts. Standard Chartered, a multinational banking and financial services company, has forecasted that Bitcoin could hit $73,800 in the coming weeks, potentially surpassing its previous record.
The bullish outlook is partly attributed to the influence of MicroStrategy, a business intelligence company known for its significant Bitcoin holdings. Geoff Kendrick, head of crypto research at Standard Chartered, noted that MicroStrategy’s stock is currently trading at a premium to bitcoin, indicating a strong correlation between the company’s performance and the cryptocurrency’s price movements.
Several factors are contributing to bitcoin’s potential surge. BNY Mellon’s recent exemption from SAB 121, a regulatory guideline for crypto custody, has been seen as a positive development for the digital asset industry. This exemption, coupled with easing regulations, is expected to boost Bitcoin’s appeal to institutional investors.
MicroStrategy’s plans to transform into a “bitcoin bank” have also garnered attention, potentially driving further interest in the cryptocurrency. The company’s strategic moves are being closely watched by market participants as indicators of broader institutional adoption.
The upcoming US presidential election is another critical factor in Bitcoin’s price trajectory. Analysts are considering how different electoral outcomes could impact the cryptocurrency market. Kendrick suggests that a Trump presidency might be more favorable for Bitcoin’s long-term growth, potentially pushing its price to $125,000 by the end of 2024.
As the digital asset ecosystem continues to gain legitimacy and accessibility, investors and industry observers are closely monitoring these developments. The convergence of institutional interest, regulatory shifts, and political factors could set the stage for a significant milestone in Bitcoin’s history in the coming months.
By
