Republican Congress Could Propel Bitcoin to $125,000 Price, Says Standard Chartered Bank
With the US elections looming, Standard Chartered Bank has made a bold prediction that a Republican Congress could propel Bitcoin to a staggering $125,000 price. This forecast has sent shockwaves through the cryptocurrency community, as it would far surpass the all-time high that Bitcoin reached earlier this year.
The prediction comes at a time when Bitcoin has been a hot topic in the political arena, with President Trump showing strong support for cryptocurrencies during his reelection campaign. Many believed that a Trump victory would be a boon for Bitcoin and other digital assets. However, Standard Chartered Bank now suggests that a Republican-controlled Congress could have just as significant an impact on the cryptocurrency market.
Analyst Geoff Kendrick, in a recent research note, highlighted the potential for Bitcoin to reach new heights following the November 5th elections. Kendrick predicts that if a Republican Congress is elected, Bitcoin could soar above $125,000 by the end of the year. This would mark a substantial increase from its current levels and could cement Bitcoin’s position as a leading asset class.
The analyst also outlined potential scenarios based on the election results. A Trump victory, according to Kendrick, could see Bitcoin rise by 4%, with a further 10% increase in the days following the election. On the other hand, if Kamala Harris wins, Bitcoin may initially trade lower but is expected to rebound and reach a new all-time high of $75,000 by the end of the year.
As the political landscape continues to evolve, it is clear that Bitcoin’s future is closely intertwined with the outcome of the upcoming elections. With the potential for significant price movements on the horizon, investors and enthusiasts alike will be closely watching to see how events unfold in the coming months.
