The crypto market could be poised for a new high, according to recent research from Standard Chartered. Geoff Kendrick, head of digital asset analysis, predicts that the reserve digital currency Bitcoin could reach a value of $73,800 in the coming weeks. This would represent a 12% increase over current prices and could become a reality before the US presidential election. According to Kendrick, a key argument for this optimism is the changed trading dynamic between Bitcoin and the investment firm MicroStrategy. MicroStrategy, known for its extensive Bitcoin investments, is currently showing a deviation from the Bitcoin price, which can have a significant impact on the token’s price movements. MicroStrategy’s current holdings of 252,000 Bitcoin speak volumes about their market importance. Kendrick highlights two main factors as the driving forces behind this development. Firstly, the regulatory relief for BNY Mellon, which was exempt from the controversial SAB 121 regulation. This change could act as a tailwind for Bitcoin and similar digital assets. On the other hand, MicroStrategy plans to become a “Bitcoin bank” and offer corresponding financial instruments. A potential SAB 121 exemption could allow the firm to earn a return through Bitcoin lending. Interestingly, Kendrick only sees the outcome of the US election as a secondary factor for the Bitcoin price. Both a victory for Donald Trump and Kamala Harris is seen as positive for the future development of the token. According to Kendrick, another Republican victory could even lead to a massive price increase to up to $125,000 by the end of 2024.
