According to TechFlow, Geoff Kendrick, head of foreign exchange and digital asset research at Standard Chartered Bank, said that Bitcoin and the broader digital asset market are expected to receive a continued boost after the Federal Reserve's recent decision to cut interest rates by 50 basis points.
Kendrick believes that macroeconomic factors will drive digital asset prices higher, a trend that will not be affected by the outcome of the upcoming U.S. presidential election.
He noted that Bitcoin and other digital assets have performed strongly following the Federal Open Market Committee (FOMC) rate cut on Wednesday. Kendrick said that the steepening of the U.S. Treasury yield curve is good for digital assets, and he expects to see inflows into spot Bitcoin ETFs in October.
Kendrick reiterated his previous prediction that Bitcoin will hit new highs before the end of the year, with a target price of $125,000 if Trump wins and $75,000 if Harris wins.
