Standard Chartered analysts note an improvement in the macroeconomic background for the cryptocurrency market. They attribute this to the increased chances of Democratic Party candidate Kamala Harris winning the U.S. presidential election. However, experts emphasize that the impact of the presidential race on Bitcoin is becoming less significant.
Growth of Bitcoin dominance and the role of ETFs
Bitcoin’s dominance has reached 54.9%, the highest level since April 2021. The launch of spot Bitcoin ETFs has strengthened the cryptocurrency’s position as a profitable investment instrument. Analysts expect that increased investments in these ETFs will provide additional support to the asset’s price.
Forecasts and alternative factors
Standard Chartered predicts that Bitcoin could overcome the resistance level of $67,000 in the short term and reach a new all-time high. The company confirms its price targets: $125,000 if Donald Trump wins and $75,000 if Kamala Harris wins. Meanwhile, BitMEX co-founder Arthur Hayes believes that the short-term price of Bitcoin will depend on the Japanese yen.
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