According to Geoff Kendrick, global head of digital asset research at Standard Chartered, Bitcoin is showing signs of upside momentum that could lead to a pre-election price of $73,800.
This potential price rise is being driven by several factors, including the steepening of the US Treasury yield curve, a renewed interest in spot Bitcoin exchange-traded funds and the increasing likelihood of a Donald Trump victory in the upcoming US presidential election.
Kendrick has noted these combined factors point to an uptrend for Bitcoin toward its all-time high of $73,800.
He has also highlighted that the recent rise in Bitcoin and other digital assets can be attributed to the steepening of the 2s10s yield curve, which indicates increased market volatility and the possibility of interest rate hikes.