Bitcoin Could Hit $150K by 2024-End on Hopes of Donald Trump Being Re-Elected: Standard Chartered

Bitcoin’s value could potentially reach $150,000 by the end of 2024.

This is based on the assumption that Donald Trump’s US election victory will be a positive boost for the crypto industry.

Bitcoin {{BTC}} remains on track to touch the targeted $150,000 level by the end of this year, as spot BTC exchange-traded funds (ETFs) continue to see significant inflows.

“I’m sticking with my $150,000 end-2024 and $200,000 end-2025 forecasts for BTC,” Geoffrey Kendrick, Standard Chartered’s head of forex and digital assets research, said in a Thursday note shared with CoinDesk. “Before that, if tomorrow’s payroll data is positive, I would expect an all-time high to be reached over the weekend.”

“As we approach the US elections, I expect to reach $100,000 first and then $150,000 by the end of the year in the event of Trump’s victory,” Kendrick added. As of Thursday, crypto traders at Polymarket say Trump has a 56 percent chance of taking office, compared to incumbent Joe Biden’s 36 percent.

Sentiment towards Bitcoin and the broader crypto market has increased since May due to the approval of the listing of Ether (ETH) ETFs and support for the sector from political parties in the US.

ETFs surpassed $15 billion in net inflows on Tuesday for the first time since launching in January, boosting sentiment among Bitcoin investors. After a few dismal weeks from mid-April to early May, a period that saw net inflows of zero on some days and even outflows from major ETFs like BlackRock’s IBIT, inflow activity has recently picked up.

Spot bitcoin ETFs saw inflows of over $880 million on Tuesday, led by Fidelity’s FBTC. This was the best day of inflows since March and the second highest day of inflows overall.