Title: Standard Chartered Report: U.S. Presidential Election Could Drive Bitcoin to $125,000 by Year-End
Standard Chartered’s latest report suggests that the outcome of the U.S. presidential election could have a significant impact on Bitcoin prices, with potential surges expected if Republicans secure wins. The report indicates that BTC could reach as high as $125,000 by the end of the year under certain scenarios.
On the other hand, Ethereum has experienced a 5% decline in October due to increased competition from other smart contract platforms and tepid responses to ETH-based ETFs. Analysts are closely watching key events in November, such as a potential Fed rate cut and Microsoft’s rumored BTC purchase, as factors that could drive market liquidity and volatility.
Bitcoin’s price has seen a nearly 10% increase this month, reaching $69,580 on October 28 from $63,484 at the beginning of the month. This upward trend is supported by a bullish technical setup, with the formation of a “golden cross” indicating positive momentum for BTC.
Geoff Kendrick, Standard Chartered’s Global Head of Digital Assets Research, projects further gains for Bitcoin leading up to the election, estimating a price of around $73,000 by November 5. Kendrick suggests that a Trump victory could push Bitcoin even higher, potentially reaching $125,000 by year-end if Republicans gain control of Congress.
In contrast, Ethereum has faced selling pressure from major stakeholders and competition from other platforms, resulting in a 5% decline in October. Analysts are monitoring Ethereum’s performance closely, especially as it faces challenges in the market.
Looking ahead to November, macroeconomic factors and institutional activity could play a significant role in shaping the trajectories of both Bitcoin and Ethereum. Analysts anticipate Bitcoin to trade between $66,000 and $75,000, with Ether fluctuating between $2,350 and $3,200.
Overall, the market outlook for both Bitcoin and Ethereum remains uncertain, with potential catalysts on the horizon that could drive further price movements in the coming weeks. Investors are advised to stay informed and cautious in their decision-making amid the evolving market conditions.
