Standard Chartered forecasts Bitcoin at $73K by US Election Day

Standard Chartered has projected that Bitcoin (CRYPTO:BTC) could reach $73,000 by November 5, which coincides with the US Election Day. 

According to the bank's Global Head of Digital Assets Research, Geoff Kendrick, Bitcoin’s price movement is expected to be influenced by election outcomes. 

In a recent report, Kendrick outlined multiple scenarios based on the results of the upcoming US presidential election. 

He stated, “We think the BTC price is likely to be at around USD 73,000 on Election Day, 5 November,” citing data from daily BTC volatility and strike levels to forecast post-election price moves. 

Kendrick’s analysis suggests that a victory for former President Donald Trump could boost Bitcoin’s price by an additional 4% immediately after the election, leading to a total increase of around 10% in the following days. 

He stated, “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.” 

If Republicans gain control of Congress, Kendrick anticipates Bitcoin may achieve a year-end target of $125,000. 

In contrast, if Vice President Kamala Harris wins the presidency, the bank projects a short-term dip in Bitcoin’s price but predicts it could still climb to new record highs of around $75,000 by the end of 2024. 

Despite the varying potential election outcomes, Standard Chartered maintains a positive outlook on Bitcoin’s long-term performance. 

At the time of reporting, the Bitcoin price was $67,677.21.