- Geoff Kendrick of Standard Chartered had anticipated Bitcoin’s rise to US$80K before the election and now forecasts it reaching over US$100K before December 27.
- Kendrick suggests that Bitcoin’s surge will boost other cryptocurrencies, with Solana expected to outperform and likely hit a new all-time high before the year’s end.
- Kendrick also believes other crypto sectors, such as tokenisation, will thrive due to potentially friendlier regulatory stances.
Bitcoin (BTC) broke all records shortly after Donald Trump won the US elections last week. The coin reached an all-time high of over US$75K (AU$113.8K) the day after but rapidly broke past US$81K (AU$129K), catching the attention of investors and the crypto market.
But not for one particular analyst; Geoff Kendric, head of forex and digital assets research at Standard Chartered, had anticipated this development, predicting Bitcoin’s price would hit $80K before the election.
Looking ahead, Kendrick forecasts that the cryptocurrency will continue its upward trajectory, potentially reaching an “easily achievable” US$100,000 (AU$151,627) before the December 27 expiry date for certain Bitcoin options.
Related: BTC Hits New All-Time High, Surpassing $81,000, Analysts Declare Bitcoin Season
Advertisement
Solana, Altcoins to Benefit From Bitcoin Surge
Kendrick said in an email on Sunday that US$125K (AU$189K) is his next target by the end of the year, or by January 20:
$125,000, which I forecast for the end of the year, is the next level, although I note following the 2016 election a lot of Trump trades peaked around the time of the Jan. 20 inauguration… So if BTC can’t reach $125,000 by Dec. 31 I think it will by Jan. 20,.
Geoff Kendric, Head of Forex and Digital Assets Research at Standard Chartered.
Kendrick also suggested that Bitcoin’s rising price could benefit other cryptocurrencies, such as Ethereum (ETH) and Solana (SOL). However, SOL could be the best performer of them all.
A fresh all-time high for SOL (the all-time high is $260 from Nov. 2021) before the end of the year seems inevitable. For a fresh all-time high in ETH (which is $4,866 from Nov. 2021) we will likely have to wait until, roughly, the inauguration. More broadly we think all boats will keep rising but that of the three SOL is likely to perform best.
Geoff Kendric, Head of Forex and Digital Assets Research at Standard Chartered.
The Crypto Sectors That Will Benefit The Most Under a Trump Administration
Per another report, Kendrick also believes the global cryptocurrency market capitalisation may experience a 300% surge over the next two years if the Republican Party gains control of both chambers of the US Congress.
Several crypto sectors like GameFi, tokenisation, and decentralised physical infrastructure (DePin) will likely benefit from the upcoming Trump administration policies and a, hopefully, friendlier regulatory stance toward crypto assets, Kendrick said.
Looking at end-use cases, we expect further growth in gaming and tokenization. We also see potential in emerging subcategories, such as decentralized physical infrastructure and consumer social, as digital assets go mainstream.
Geoff Kendric, Head of Forex and Digital Assets Research at Standard Chartered.
Related: Trump Made Big Promises for Crypto, Here’s What’s Next According to Experts
If Kendrick’s projections materialise, the cryptocurrency market capitalisation would rise from its current US$2.7T (AU$4T) to approximately US$10T (AU$15.7T) by the end of 2026. This growth could usher in a new era of innovation and broader adoption across various segments of the crypto industry.
