The 2024 US presidential race is expected to drive Bitcoin’s price to $150,000, especially on the off chance that Donald Trump wins. Geoff Kendrick, a Standard Chartered analyst, expects that strong fund data would move Bitcoin beyond $80,000 by the conclusion of June 2024.
Read CRYPTONEWSLAND onKendrick highlighted how the Bitcoin market would increase dramatically if Trump wins the US presidential election. Market sentiment has been strengthened by inflows from Bitcoin exchange-traded funds (ETFs).
With nearly $880 million recorded in a single day, BTC spot ETFs have received significant inflows, with Fidelity’s FBTC leading the way. This marked the second highest day of inflows since March, with ETF inflows topping $15 billion on Tuesday June 4, indicating strong investor confidence. This trend follows a period of minimal net inflows and even outflows from mid-April to early May.
Bitcoin has experienced a significant rally since early 2024, driven by high investor interest in the spot Bitcoin ETF investment product launched in January. This cryptocurrency also touched a new record high at US$73,750 on March 14, a month before the Bitcoin Halving event. In the last 24 hours Bitcoin stagnated at US$69,347 with an increase of 2.4% in the last week. Its market capitalization currently stands at US$1.3 trillion.
According to Kendrick, Trump is currently the most crypto-friendly presidential candidate, especially with his recent embrace of opening up campaign donations to crypto assets and his ambition to create crypto-friendly regulations. Meanwhile, US President Joe Biden is considered to still be skeptical and less open towards this industry, especially with his vetoing of efforts to repeal the SAB 121 regulation. On the other hand, as the US presidential decision approaches, hypothesis within the cryptocurrency exchanging advertise is expanding.
According to Polymarket, Trump has a 56% chance of reelection, vs 35% for incumbent Joe Biden. Politics in the US greatly influences the market mood, with institutional support from political parties and the approval of ETH ETFs strengthening investor confidence.
Overall, these predictions reflect high confidence in Bitcoin’s potential amidst political and economic uncertainty. While many factors influence crypto prices, expectations regarding government policies and institutional investment inflows appear to be the main drivers behind these optimistic price projections.
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