Bitcoin Price Predicted to Reach New ATH by the End of This Year
2024-09-20
Bittime - Geoff Kendrick, Head of Forex and Digital Assets Research at Standard Chartered Bank, predicts that Bitcoin price will reach a new ATH before the end of 2024.
According to Kendrick, a number of macroeconomic factors currently occurring will push Bitcoin prices up, even regardless of the results of the upcoming US presidential election.
Bitcoin Price and Interest Rate Cut
The Federal Reserve's recent decision to lower interest rates by 50 basis points has provided a significant boost to digital asset markets, including Bitcoin.
According to Kendrick, the interest rate cut has created better conditions for digital assets, including increased investment inflows.
Read Also: Bitcoin Prices Strengthen in September, Optimistic in October?
Bitcoin Price Prediction Based on Election Results
Meanwhile, although the results of the US presidential election are often considered an important factor in Bitcoin price movements, Kendrick believes that the impact this time will not be as big as before.
According to him, macroeconomic factors such as decreasing interest rates and increasing bond yields now have a more dominant role in this influence Bitcoin price from political results.
Even so, Kendrick still predicts that the price of Bitcoin could reach $125,000 if Donald Trump wins the election, or $75,000 if Kamala Harris is elected president.
Spot Bitcoin ETF Inflow and Bitcoin Prices
In addition to the macroeconomic impact, Kendrick also predicted that the surge in Bitcoin prices could be amplified by the inflow of new investments into spot Bitcoin ETFs in October.
Kendrick said that the digital asset market will most likely see an increase in fund inflow into these ETF products.
With greater inflows into these ETFs, demand for Bitcoin is predicted to increase, which will have a positive impact on the price of Bitcoin.
Read Also: Bitcoin Weekly Inflow Remains Positive Over the Last 4 Months
How to Buy Crypto with Bittime
Want to trade, sell and buy Bitcoins and crypto investment easily? Bittime is here to help! As an Indonesian crypto exchange officially registered with Bappebti, Bittime ensures every transaction is safe and fast.
Start with registration and identity verification, then make a minimum deposit of IDR 10,000. After that, you can immediately buy your favorite digital assets!
Check the exchange rate BTC to IDR, ETH to IDR, SOL to IDR and other crypto assets to find out today's crypto market trends in real-time on Bittime.
Disclaimer: The views expressed belong exclusively to the author and do not reflect the views of this platform. This platform and its affiliates disclaim any responsibility for the accuracy or suitability of the information provided. It is for informational purposes only and not intended as financial or investment advice.
