Standard Chartered has forecasted that the potential reelection of Donald Trump could drive Bitcoin's value up to $150,000 by the culmination of 2024. Geoffrey Kendrick, the company's head of forex and digital asset analysis, pointed out that optimistic payroll data might push Bitcoin past $80,000 by the end of June. Kendrick emphasized the possibility of a substantial surge in the Bitcoin market if Trump emerges victorious in the US presidential race.

Market sentiment has received a boost from the influx of ETFs. The robust price projections are partly attributed to the recent performance of Bitcoin exchange-traded funds (ETFs). Notably, spot BTC ETFs saw a remarkable inflow of almost $880 million in a single day, with Fidelity's FBTC taking the lead. This surge marked the second-highest inflow day since March, crossing the $15 billion mark on Tuesday, indicating a high level of investor confidence. This positive trend followed a period of modest net inflows and occasional outflows from mid-April to early May.

Political dynamics are significantly impacting the cryptocurrency markets as the US election draws near. Speculation in the cryptocurrency trading sphere is intensifying with Trump holding a 55% chance of winning reelection, surpassing Joe Biden's 36% odds, according to Polymarket data. The evolving political landscape in the US is strongly affecting market sentiment, with institutional backing from political factions and the approval of ETH ETFs bolstering investor trust. Kendrick anticipates that Bitcoin's price could surge to $100,000 prior to the elections and potentially reach $150,000 in case of a Trump victory, exemplifying the profound influence of politics on market sentiment.