Banking giant Standard Chartered reiterated on Thursday that bitcoin is expected to reach a new all-time high by year-end, regardless of the outcome of the U.S. presidential election in November.

Geoff Kendrick, the bank’s global head of digital assets research, explained that while the election result will affect the cryptocurrency market, the impact is smaller than previously anticipated. He emphasized that despite different effects from a Trump or Harris presidency, bitcoin’s trajectory remains strong.

Kendrick expects BTC to end 2024 “at fresh all-time highs under either election outcome,” which he believes would be at the $125,000 level under Trump or the $75,000 level under Harris. He further shared:

A Harris administration would be much less negative for digital assets than a second Biden administration would have been.

He also mentioned: “A Harris victory would likely trigger an initial price decline, but we would expect dips to be bought as the market recognizes that progress on the regulatory front will still be forthcoming, and as other positive drivers take hold.”

Additionally, Standard Chartered maintained its long-term prediction that bitcoin will reach $200,000 by 2025. Bitcoin, which reached a peak of over $73,000 in March, has fluctuated between $55,000 and $70,000 in recent months.

Concerns remain over potential regulatory hurdles under a Harris presidency, particularly the continuation of policies seen under President Biden. However, Kendrick commented that “it seems clear that a Trump victory would be BTC-positive,” while adding that “a Harris administration would be much less negative for digital assets than a second Biden administration would have been.” Despite these challenges, he pointed to other positive factors such as a steepening U.S. Treasury curve as a bullish force for bitcoin’s growth.

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