Standard Chartered predicts that the expectation of Donald Trump’s reelection will propel the value of Bitcoin to $150,000 by the end of 2024. The company’s head of forex and digital asset analysis, Geoffrey Kendrick, noted that positive payroll statistics may drive Bitcoin over $80,000 by the end of June.
He underlined how the Bitcoin market would rise dramatically in the event that Trump won the US presidential race.
Market sentiment is raised by ETF inflows.
An important contributing element to the bullish price projections has been the recent performance of Bitcoin exchange-traded funds (ETFs). With almost $880 million recorded in a single day, spot BTC ETFs have received significant inflows, with Fidelity’s FBTC leading the way.
This marked the second-highest inflow day since March. ETF inflows crossed $15 billion on Tuesday, indicating strong investor confidence. This trend followed a period of minimal net inflows and even outflows from mid-April to early May.
Political Impact on the Markets for Cryptocurrencies
As we are approaching the US election the speculation in the cryptocurrency trading market intensifies. According to Polymarket, Trump has a 55% chance of winning reelection, compared to incumbent Joe Biden’s 36%.
Politics in the U.S. is significantly influencing market mood, with institutional support from political parties and approval of ETH ETFs strengthening investor confidence. Kendrick predicts Bitcoin’s price will soar to $100,000 before elections and potentially $150,000 if Trump wins, highlighting the significant impact of politics on market sentiment.
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