Bitcoin is expected to reach new all-time highs by the end of 2024, according to Geoff Kendrick, Standard Chartered’s head of forex and digital assets research. He forecasts Bitcoin hitting $125,000 if Donald Trump wins the U.S. presidential election and $75,000 if Kamala Harris is elected. Kendrick notes that Bitcoin’s price is less dependent on election outcomes than in previous cycles, with strong fundamentals driving its growth.

Kendrick highlights regulatory progress, including the potential repeal of SAB 121, which restricts banks’ digital asset holdings, as a key driver for Bitcoin’s price. These changes are expected to continue in 2025, regardless of the election results. In addition, positive trends in U.S. Treasury markets are creating momentum for Bitcoin’s long-term growth.

Although Trump’s victory is seen as more favorable for crypto, a Harris win may initially trigger a price dip. However, Kendrick believes other factors, including regulatory progress and market resilience, will keep Bitcoin on a bullish trajectory.