Investing.com -- Standard Chartered (OTC:SCBFF) resumed coverage of digital assets in a not Thursday, projecting an end-2024 price target for Bitcoin of approximately $125,000 if former President Donald Trump wins the upcoming election.
The firm's forecast reflects a broader positive outlook on Bitcoin and digital assets, driven by several key factors, regardless of the election outcome.
Standard Chartered outlined its expectations, stating, "We see BTC at c.USD 125,000 level at end-2024 under a Trump victory, or c.USD 75,000 level under Harris."
Both projections represent fresh all-time highs for Bitcoin, underscoring Standard Chartered's generally optimistic view on the cryptocurrency's future.
The analysts highlighted that the US election will influence digital assets, but they believe the impact will be less significant than in previous election cycles.
"Progress on relaxing regulations – particularly the repeal of SAB 121, which imposes stringent accounting rules on banks' digital asset holdings – will continue in 2025 no matter who is in the White House; it would just be slower under a Harris presidency," said the firm.
The anticipated regulatory progress is seen as a crucial factor supporting Bitcoin's price.
Additionally, Standard Chartered expects positive momentum from developments in US Treasury markets and a seasonal rebound in Bitcoin ETF inflows in October.
"Current developments in US Treasury markets – a re-steepening curve, with breakevens falling less than real yields and risk-neutral yields falling while term premium is stable – are building positive momentum for BTC," adds the firm.
Even if a Harris victory initially triggers a price decline, the analysts believe that subsequent market recognition of ongoing regulatory progress and other positive drivers will lead to a rebound.
Overall, Standard Chartered's analysis suggests that Bitcoin is poised to reach new heights by the end of 2024, regardless of the election outcome.