Bitcoin on the Rise: Standard Chartered's Forecasts Raise Price Targets

The crypto market might be on the verge of a new surge, according to recent research from Standard Chartered. In the coming weeks, the leading digital currency Bitcoin could reach a value of $73,800, forecasts Geoff Kendrick, head of the digital asset analysis. This would represent a 12% increase from current levels and could become a reality even before the U.S. presidential election. A key argument for this optimism, according to Kendrick, is the changed trading dynamic between Bitcoin and the investment firm MicroStrategy. MicroStrategy, known for its substantial Bitcoin investments, is currently showing a divergence from the Bitcoin price, which could have a significant impact on the token's price movements. MicroStrategy's current holdings of 252,000 Bitcoins speak volumes about its market significance. Kendrick highlights two main factors driving this development. First, the regulatory relief for BNY Mellon, which has been exempted from the controversial SAB 121 regulation. This change could act as a tailwind for Bitcoin and similar digital assets. Second, MicroStrategy plans to evolve into a "Bitcoin bank" and offer corresponding financial instruments. A potential SAB 121 exemption could enable the firm to generate returns through Bitcoin lending. Interestingly, Kendrick views the outcome of the U.S. election as merely a secondary factor for the Bitcoin price. A victory by either Donald Trump or Kamala Harris is seen as positive for the future development of the token. According to Kendrick, another win for the Republican could even lead to a massive price increase to up to $125,000 by the end of 2024.