According to Standard Chartered, Bitcoin may see a new all-time high of $74,000 before the U.S. presidential election in November 2024.

Geoff Kendrick, the head of digital assets research at the bank, attributes this forecast to several key factors, including a steeper U.S. Treasury yield curve, growing interest in Bitcoin exchange-traded funds (ETFs), and the possibility of Donald Trump’s reelection​.

One of the driving forces behind Bitcoin’s price surge is institutional investment, with large bets placed on Bitcoin reaching $80,000 by the end of December 2024. The increasing popularity of Bitcoin ETFs has also resulted in significant inflows, further supporting upward price momentum​

Additionally, recent market activity suggests that short-term holders who were previously at a loss are now seeing profits, which could push more traders into the market. However, Bitcoin may face resistance at the $68,000 level, and if it fails to break through, a price correction could occur​.

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