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With the U.S. presidential election less than two months away, Standard Chartered is predicting a significant Bitcoin price rally. The bank giant has claimed that the currency, which is being pushed by a raft of market factors, could look towards its old all-time high above $73K. Based on available data, better and more institutional traders are coming onto the scene, US Treasury yields are rising again; favourable Donald Trump election odds: Bitcoin’s price performance just got poised for a huge rally.
Growth Driven by US Treasury Yields and Bitcoin ETFs
Geoff Kendrick, Global Head of Digital Assets Research for Standard Chartered, believes the Bitcoin price rally, if and when it happens, will be caused by a steepening U. S Treasury yield curve. In addition, the renewed enthusiasm for spot Bitcoin Exchange-Traded Funds (ETFs) is attracting further institutional capital. “For bitcoin, the combined factors mean a bleed up towards the all-time high of $73,800 looks likely pre-election,” Kendrick wrote in a note published earlier this week.
Kendrick also noted that Trump currently has a 56.3% probability of winning the election, according to Polymarket data, which could foster an environment where risk-on assets such as Bitcoin thrive. If there is a prospect of a Republican clean sweep with Trump in charge and the party also presiding over both houses, then sentiment could improve even further. This election season is not going to be an exception, as political events have historically had a significant impact on market dynamics.
“A Republican sweep under Trump could result in a bullish environment for bitcoin,” Kendrick noted.
Institutional Inflows and Growing Bitcoin Call Options
At the same time that institutional interest in Bitcoin was expanding, recent trading patterns in Bitcoin call options showed increasing optimism for higher prices. Traders are betting on an $80,000 Bitcoin price by Dec. 27 as BTC options live up to their name. The $80,000 call option also saw an extra 1,500 BTC added to its open interest in the past week alone — a sign of ever-growing optimism regarding where BTC/USD might head next.
Just as cash-call option flows, other inflows into Spot Bitcoin ETFs have helped to bolster market sentiment. The critical step to make traditional investors think about trading Bitcoin is the mainstream financial institution acceptance of it and that includes the launch of Bitcoin ETFs.
With increasing amounts of capital flowing into Bitcoin via these streams, it can in turn create price appreciation that cements speculations indicated by Standard Chartered. Call options expiring in December are hugely dominant on the Deribit exchange, adding a touch of hope that prices will rise later this month.
Conclusion
This growing trend suggests that whatever the election result, wider adoption remains strong for digital assets. Although Trump’s new candidacy might add more momentum to the crypto market, Standard Chartered also forecast a long-term upside for Bitcoin, foreseeing it will reach a fresh record peak by the end of 2024. However, even under Vice President Kamala Harris’s administration, Bitcoin might still rise in price growth, with projections of up to $75K. In any case, the Bitcoin price rally seems to be marked by new developments as we move closer and closer to November.
All hands are on deck, investors and traders are poised strategically to ride on the wave of this trending Bitcoin price loom. As the U.S. elections draw near, learn more about the price movements of Bitcoin and other cryptocurrencies from Turkishnyradio. Stay tuned, stay updated.
