Favorable payroll data could open the way to $80,000 per bitcoin by end-June, Standard Chartered’s Geoffrey Kendrick said in a Thursday note.

Trump poster for 2024 election. (Jon Tyson/Unsplash)

• Bitcoin’s value could potentially reach $150,000 by the end of 2024.

• This is based on the assumption that Donald Trump’s U.S. election victory would be a positive boost for the crypto industry.

Bitcoin (BTC) remains on track to touch the aspirational $150,000 level by the end of this year as spot BTC exchange-traded funds (ETFs) continue to see significant inflows.

“I am sticking with my end-2024 $150K and end-2025 $200K forecasts for BTC,” Standard Chartered’s forex and digital assets research head Geoffrey Kendrick said in a Thursday note shared with CoinDesk. “Before then, if tomorrow’s payrolls data are friendly I would expect a fresh all-time-high to be reached over the weekend.”

“As we approach the U.S. election, I expect $100K to be reached and then $150k by year-end in the case of a Trump victory,” Kendrick added. As of Thursday, crypto traders on Polymarket are betting 56% odds of Trump being in office, compared to 36% for incumbent Joe Biden.

Sentiment for bitcoin and the broader crypto market has risen since May on the listing approval for ether (ETH) ETFs and support for the industry among U.S. political parties.

ETFs crossed $15 billion in net inflows on Tuesday for the first time since going live in January, boosting sentiment among bitcoin traders. Inflow activity has picked up recently after a dismal few weeks from mid-April to early May, a period that saw zero net inflows on some days and even outflows from major ETFs such as BlackRock’s IBIT.

Spot bitcoin ETFs saw over $880 million in inflows on Tuesday, led by Fidelity’s FBTC. This was the best day of inflows since March and the second-highest overall.