Bitcoin surged to new highs on Sunday morning, surpassing an inflation-adjusted record $80,000, amid renewed market confidence following Donald Trump’s re-election to a second presidential term.
Digital assets have continued their upward trend in the days since the election, with bullish trends resulting in massive price increases in the cryptocurrency market.
Standard Chartered’s Geoff Kendrick, who was known for his accurate pre-election prediction that Bitcoin would reach $80,000, now sees more potential for Bitcoin to reach $100,000, which is “easily achievable” by the December 27 options expiration. His outlook is even more ambitious, as he predicts Bitcoin could reach $125,000 by the end of the year, with the potential for additional gains by Inauguration Day on January 20.
“Following the 2016 election, many ‘Trump trades’ peak around the inauguration on January 20, so if BTC doesn’t reach $125,000 by December 31, I think it will by January 20,” Kendrick, the bank’s head of forex and digital assets research, said in an email.
Bitcoin’s recent surge in price has fueled a rally in other major cryptocurrencies, including Ethereum and Solana, and Kendrick expects broader gains in the sector. He thinks Solana (SOL), in particular, is on track to reclaim its all-time high of $260 before the year is out. Ethereum (ETH), which peaked at $4,866 in November 2021, could see a slower rise and a new peak could occur around the time of Trump’s inauguration.
“While a new all-time high for SOL seems inevitable before the end of the year, ETH could achieve a similar feat early next year,” Kendrick said. “We believe all cryptocurrencies will continue to rise, but Solana is positioned to outperform these majors.”
*This is not investment advice.
