Bitcoin
Bitcoin (BTC) Prices Could Hit $150,000 by the End of 2024 in Hopes Donald Trump Is Re-Elected: Standard Chartered
Bitcoin (BTC) remains on track to reach the aspirational level of $150,000 by the end of this year as spot BTC exchange-traded funds (ETFs) continue to see significant inflows.
“I am sticking with my predictions of $150,000 for end-2024 and $200,000 for end-2025 for BTC,” said Geoffrey Kendrick, head of forex and digital asset research at Standard Chartered, in a note. Thursday shared with CoinDesk. “Before then, if tomorrow’s payrolls data is friendly, I would expect a new record to be reached over the weekend.”
“As we get closer to the US elections, I expect $100,000 and then $150,000 to be reached by the end of the year in the event of a Trump victory,” Kendrick added. Starting Thursday, crypto traders at Polimercado are betting on a 56% chance of Trump being in office, compared to 36% for incumbent Joe Biden.
Sentiment towards bitcoin and the broader crypto market has increased since May with the approval of the listing of ether (ETH) ETFs and support for the industry among US political parties.
The ETFs surpassed $15 billion in net inflows on Tuesday for the first time since they were launched in January, boosting sentiment among bitcoin traders. Inflow activity has increased recently after a dismal few weeks from mid-April to early May, a period in which there were zero net inflows on some days and even outflows from major ETFs such as BlackRock’s IBIT.
Bitcoin spot ETFs saw more than $880 million in inflows on Tuesday, led by Fidelity’s FBTC. This was the best day of entries since March and the second biggest overall.