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Geoff Kendrick from Standard Chartered forecasts a bullish future for bitcoin, eyeing a potential rise to $73,800 as the U.S. presidential election nears. The surge in momentum is linked to Donald Trump’s improved polling numbers and significant inflows into bitcoin spot ETFs, with heightened activities in the call options market further amplifying investor optimism.
Key market indicators like the steepening U.S. Treasury yield curve and a spike in spot bitcoin ETF inflows underscore a robust interest in digital assets. Kendrick notes that recent U.S. CPI data suggests increased market volatility and a move towards alternative investments like bitcoin, setting the stage for a significant price climb ahead of the election.
With just three weeks to go, the odds favoring Trump are stirring market dynamics, seen in the sharp uptick in bitcoin ETF investments and speculative activities in bitcoin call options. Kendrick’s analysis positions bitcoin as a strong contender for substantial gains, influenced by political outcomes and market trends.
