As Bitcoin (BTC) continues to trade above $65,000, investors are wondering if a new rally is coming.
The answer is “yes,” according to a Standard Chartered analyst.
According to The Block, a Standard Chartered analyst said that Bitcoin could reach $73,800 ahead of the US elections.
Geoff Kendrick, Global Head of Digital Asset Research at Standard Chartered, said Bitcoin is gaining bullish momentum and could reach $73,800 ahead of the US presidential election.
He noted that the increasing chances of Donald Trump winning three weeks before the election, the inflows in spot Bitcoin ETFs and the increase in Bitcoin call options supported Bitcoin's rise.
“For Bitcoin, this combination of factors suggests that a rally to the pre-election all-time high of $73,800 is likely.”
Pointing out that the US elections affected the BTC price, Kendrick said that the probability of Donald Trump winning increased to 56.3 percent in Polymarket, which is an important factor that enabled Bitcoin to rise.
Kendrick also stated that a scenario where Republicans control the Senate and House of Representatives could be positive for Bitcoin and risky assets, saying, “If Trump wins, there is a 70% probability that Republicans will control the Senate and House of Representatives. This could create favorable conditions for the rise of risky assets, including Bitcoin.”
*This is not investment advice.