Banking giant Standard Chartered warned Thursday that bitcoin’s price could dip below $60,000, citing rising geopolitical tensions in the Middle East. The bank, however, considers this potential decline a chance for investors to increase their BTC holdings.

Geoff Kendrick, Standard Chartered’s global head of digital assets research, noted:

Risk concerns related to the Middle East seem destined to push bitcoin below $60,000 before the weekend, but positions like the $80,000 call options highlighted here and the circularity vis-à-vis Trump probabilities suggests the dip should be bought into.

Kendrick drew attention to the link between bitcoin’s price and the evolving U.S. presidential race, where former President Donald Trump’s likelihood of winning has recently improved. He explained that this creates a unique dynamic for BTC, as geopolitical worries may drive prices down, but at the same time, these concerns could boost Trump’s odds, potentially enhancing bitcoin’s outlook after the election.

Some experts believe a Trump win would be favorable for cryptocurrencies, especially given his support for bitcoin. Kendrick cautioned that a victory by Kamala Harris could delay regulatory progress. Even so, he suggested that investors could still capitalize on any post-election dips. He stressed: “A Harris victory would likely trigger an initial price decline, but we would expect investors to buy the dips as the market recognizes that progress on the regulatory front will still be forthcoming.” Earlier this month, the bank’s digital assets head said bitcoin could reach $125,000 under Trump or $75,000 under Harris, with temporary drops under a Harris presidency.

Kendrick also pointed to a notable rise in bitcoin call options. “The amount of call option open interest for the 27 December expiry at a $80,000 strike price on Deribit jumped by 1300 bitcoin over the last two days,” he described. He emphasized:

Gold is a geopolitical hedge. Bitcoin is a hedge against traditional finance issues such as bank collapses or de-dollarisation/U.S. Treasury sustainability issues.

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