Standard Chartered executives reaffirm that Bitcoin will hit a new high by the end of the year

ChainCatcher news, Standard Chartered's Head of Foreign Exchange and Digital Assets Research, Geoff Kendrick, stated that after the Federal Reserve's recent decision to cut interest rates by 50 basis points, Bitcoin and the broader digital asset market are expected to receive a sustained boost.

Kendrick believes that macroeconomic factors will drive the prices of digital assets higher, a trend that is unaffected by the upcoming results of the U.S. presidential election.

He noted that Bitcoin and other digital assets performed strongly after the Federal Open Market Committee (FOMC) cut rates on Wednesday. Kendrick stated that the steepening of the U.S. Treasury yield curve is favorable for digital assets, and he anticipates inflows into spot Bitcoin ETFs in October.

Kendrick reiterated his previous prediction that Bitcoin will reach new highs by the end of the year, with a target price of $125,000 if Trump wins, and $75,000 if Harris wins.