Standard Chartered, the British financial institution, claims bitcoin can hit $100,000 by November and surge to $150,000 if Donald Trump wins the US presidential election. Analysts for the institution feel Trump’s siding with the crypto industry is a bullish factor, and as the US heads toward the election in November, BTC will reach the six figures.
Trump’s anti-crypto rhetoric from his last term has changed this time as he takes a pro-crypto stance going into the election. This past week, he stated he would be “the crypto president.” He also promises that his Republican-led government would favor the crypto industry’s development with suitable laws, wanting to put the US’s crypto ecosystem ahead of any other country’s.
Due to that, the crypto industry feels Trump’s victory in this year’s election will be a blessing to the asset class and blockchain-related developments in general. Thus, the build-up to November and his possible victory can shoot up BTC’s price tremendously. Geoff Kendrick, Standard Chartered’s Head of Digital Assets Research, said last week, “As we approach the US election, I expect $100,000 to be reached and then $150,000 by year-end in the case of a Trump victory.”
The institution also believes that the Securities and Exchange Commission (SEC) will approve ETH ETFs soon, which will pump ETH’s price massively. While looking at other altcoins, Kendrick mentioned last month, “For other coins (SOL, XRP), markets will look ahead to their eventual ETF status as well, albeit this is likely a 2025 story, not a 2024 one.”
Not many altcoins have hit their all-time highs (ATHs) yet, with only a few taken to new heights by market forces. Macroeconomic factors have held back altcoins from reaching new price levels. However, the approval of ETH ETFs can sway the altcoin market in the right direction, with additional ETF approvals later this year or next year stirring a possible altcoin frenzy.
