Leading investment bank Standard Chartered has published a bullish report on Bitcoin’s prospects. BTC is currently trading at the $57,800 level after hitting a new all-time high of $73,737 in March this year.
The ATH came at a time when the US Securities and Exchange Commission (SEC) approved the Bitcoin ETF, leading to an influx of investments from trillion-dollar management funds like Greyscale, Fidelity, and BlackRock, among others.
Also Read: Can Grayscale XRP Trust Fund Launch Help Ripple Breach $0.65 Soon?
Bitcoin Price Prediction: Standard Chartered Goes Bullish on BTC
Standard Chartered has projected that Bitcoin could reach six figures at $125,000 per coin if Donald Trump is reelected President. The bank also forecasted that BTC might hit $75,000 under Kamala Harris if she wins the White House.
Geoff Kendrick, the bank’s global head of digital assets research, explained that both Trump’s and Harris’s views can shape Bitcoin’s prospects as regulatory concerns loom.
Also Read: Top 3 Cryptocurrencies To Watch This Weekend
Kendrick stressed that if Harris wins the election, Bitcoin could experience a temporary decline. However, he said it would eventually scale up in the charts. He wrote that the decline will be used by investors who buy dips that could propel its price. If Trump wins, he said, BTC could kick-start a bullish run and hit six digits in the indices.
“A Harris victory would likely trigger an initial (Bitcoin) price decline. But we would expect dips to be bought. As the market recognizes that progress on the regulatory front will still be forthcoming, and as other positive drivers take hold,” he said.
Also Read: Donald Trump or Kamala Harris Won’t Influence Bitcoin’s Price
“It seems clear that a Trump victory would be BTC positive,” he said. “A Harris administration would be much less negative for digital assets than a second Biden administration would have been,” Kendrick said. Therefore, the upcoming Presidential election will be crucial for Bitcoin and the broader cryptocurrency and stock markets.