Standard Chartered Bank Predicts 12% Bitcoin Upside Before U.S. Election

According to BlockBeats, Geoff Kendrick, Head of Digital Asset Research at Standard Chartered Bank, estimates that Bitcoin could rise by 12% to $73,800 before the U.S. presidential election in November. Kendrick highlights two key factors driving this potential increase:BNY Mellon's SAB 121 Exemption: The relaxation of regulations under Staff Accounting Bulletin No. 121 (SAB 121) is generally favourable to Bitcoin, signalling a more lenient regulatory environment.MicroStrategy's Bitcoin Bank Ambitions: The exemption is linked to MicroStrategy's plan to evolve into a "Bitcoin bank," potentially allowing the company to earn income by lending Bitcoin in the future. This development could further support Bitcoin's upward trajectory.These factors, combined with Bitcoin’s evolving market dynamics, suggest a bullish outlook ahead of the U.S. election.