Markets Anticipate 12% Bitcoin Price Increase as Standard Chartered Weighs In
Market Outlook on Bitcoin
Bulls have eagerly awaited another all-time high for bitcoin, which Standard Chartered believes is just around the corner. According to Head of Digital Asset Research Geoff Kendrick, bitcoin could reach $73,800 within weeks, marking a significant 12% gain ahead of November's US presidential election.
Factors Behind the Bitcoin Forecast
- Shifting Patterns: Observations suggest a changing dynamic between bitcoin and MicroStrategy.
- Legislative Changes: Recent news about BNY Mellon's exemption from SAB 121 signals easing regulations.
- MicroStrategy's Position: Increased accumulation by MicroStrategy enhances bitcoin's market influence.
Kendrick emphasizes that these elements are likely to propel bitcoin higher, narrowing the discrepancies in trading patterns. As market sentiment heats up with the upcoming election, traders are positioning themselves for potential gains.
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