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As reported by CNBC, Jeff Kendrick from Standard Chartered Bank forecasts that, against the backdrop of the Federal Reserve lowering interest rates, the BTC/USD exchange rate will reach an all-time high by the end of 2024:
→ up to $125,000 if Trump wins, who publicly expressed support for the cryptocurrency sector this summer.
→ up to approximately $75,000 if Harris wins. "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," wrote Jeff Kendrick.
A technical analysis of Bitcoin’s chart today shows that, from a long-term perspective, the BTC/USD rate is developing within an upward channel, indicated in blue, with the following key points:
→ everything that has happened to the price since March can be interpreted as a correction (shown by the red channel) within the bullish trend, forming a bull flag pattern;
→ the last three lows around the lower boundary of the red channel form a bullish inverted “head and shoulders” pattern.
Given the above, it is reasonable to conclude that Jeff Kendrick anticipates a breakout of the bull flag and a continuation of Bitcoin’s price movement within the blue channel.
FXOpen offers the world's most popular cryptocurrency CFDs*, including Bitcoin and Ethereum. Floating spreads, 1:2 leverage — at your service. Open your trading account now or learn more about crypto CFD trading with FXOpen.
*At FXOpen UK and FXOpen AU, Cryptocurrency CFDs are only available for trading by those clients categorised as Professional clients under FCA Rules and Professional clients under ASIC Rules respectively. They are not available for trading by Retail clients.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
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