BTCUSDT on TradingView.com<\/a><\/figcaption><\/figure>\nAt the time of writing, BTC trades at $67,000, still holding to some of its gains of 2% in the 24-hour time frame despite quickly retracing before hitting $68,000.\u00a0<\/span><\/p>\nFeatured image from DALL-E, chart from TradingView.com <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"Bitcoin has recently shown significant momentum, reaching its highest level since July, briefly touching $67,900 and recovering 7%. This surge follows a dip to $58,900 at the end of last week, further fueling bullish sentiment among investors optimistic about the cryptocurrency’s potential to reach new heights before the end of the year. However, according to research from multinational bank Standard Chartered, this optimistic outlook may be realized even sooner than expected.\u00a0 Key Factors Behind BTC\u2019s Price Surge Geoff Kendrick, the head of digital asset research at Standard Chartered, recently estimated that the Bitcoin price could hit $73,800 ahead of the US presidential election on Tuesday November 5 , representing a 10% increase from current levels. particularly in relation to one of the largest public BTC holders, MicroStrategy, which recently increased its holdings to 252,000 BTC, led by the vision of co-founder and renowned Bitcoin bull Michael Saylor.\u00a0 Related Reading: Worldcoin Gains Upside Momentum: Is A Major Breakout Ahead? Historically, MicroStrategy and Bitcoin have traded in tandem; however, Kendrick notes that MicroStrategy’s stock has recently outperformed Bitcoin, suggesting a developing premium that could drive Bitcoin prices higher in the coming days. Two key factors underpin this bullish outlook. The first is the news, reported by Bitcoinist last month, that BNY Mellon has received an exemption from SAB 121, a regulation that requires financial institutions to list cryptocurrencies on their balance sheets.\u00a0 Kendrick explains that such regulatory relief is often seen as a positive signal for the broader Bitcoin market, potentially encouraging wider institutional adoption and therefore acting as a bullish catalyst for the ongoing rally seen in recent days. The second factor relates to MicroStrategy’s declared intention to evolve into a “Bitcoin bank,” which would involve offering Bitcoin capital market instruments. Kendrick believes that future exemptions could enable the firm to generate yield by lending out its Bitcoin holdings.\u00a0 The analyst argues that as the digital asset ecosystem gains legitimacy and accessibility, MicroStrategy’s valuation should rise, further benefiting BTC’s price over the long term. Both Presidential Candidates Could Boost Bitcoin price Regarding the upcoming presidential election, Kendrick views the outcome as secondary to these fundamental factors. He asserts that regardless of whether Donald Trump or Kamala Harris wins, the broader digital asset ecosystem is increasingly poised to become mainstream.\u00a0 Related Reading: SUI Records Substantial 120% Price Surge, But Insider Selling Claims Raise Red Flags While Kendrick has previously suggested that a Trump presidency would be the most beneficial scenario for BTC, with notable proposals for the industry including the establishment of a Bitcoin reserve for the country, he maintains that both candidates could positively impact the asset in the long term. In fact, Kendrick projects that if Trump regains the presidency, the Bitcoin price could soar to as high as $125,000 by the end of 2024. At the time of writing, BTC trades at $67,000, still holding to some of its gains of 2% in the 24-hour time frame despite quickly retracing before hitting $68,000.\u00a0 Featured image from DALL-E, chart from TradingView.com<\/p>\n","protected":false},"author":589,"featured_media":648207,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[86683],"tags":[428,656,679,1119,1122,1144,78790,6664,14690],"class_list":["post-648206","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-breaking-news-ticker","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-price","tag-btcusd","tag-btcusdt","tag-crypto","tag-crypto-news"],"acf":[],"yoast_head":"\n
Bitcoin Rally Expected: Standard Chartered Eyes New High Of $73,800 Pre-US Election<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n