Standard Chartered Bank has forecasted a significant rise in Bitcoin‘s value, predicting that it may achieve an all-time high by August, followed by a potential surge to $100,000 before the U.S. presidential elections in November. This prediction is based on historical data and the current market trends observed in the cryptocurrency sector.
Bitcoin’s Price Forecast
Geoffrey Kendrick, head of forex and digital asset research at Standard Chartered, suggests that Bitcoin could reach new peaks within the next 30 days. Kendrick believes that the price could escalate to $100,000, especially if Joe Biden remains in the presidential race and faces off against Donald Trump.
Standard Chartered’s analysis indicates that a Trump victory might benefit Bitcoin. The bank notes that Trump’s administration might view cryptocurrency regulation and mining more favorably, potentially boosting Bitcoin’s value.
What If Biden Withdraws?
Kendrick also examined the scenario in which Joe Biden withdraws from the race. He warned that this could lead to a drop in Bitcoin prices to around $50,000-55,000. However, if a different Democratic candidate, such as Michelle Obama, enters the race, the impact on Bitcoin might be less severe.
According to Kendrick, the critical date to watch is August 4, when presidential candidates must register under Ohio law. If Biden is still in the race by then, he is expected to be the candidate through November.
Key Inferences for Bitcoin Investors
Based on Standard Chartered’s predictions, investors can draw several concrete conclusions:
- Bitcoin could hit $100,000 by November if Biden remains a candidate.
- A Trump victory could positively influence Bitcoin prices due to favorable regulation and mining conditions.
- If Biden withdraws, Bitcoin might drop to $50,000-55,000.
- The critical date for Biden’s potential withdrawal is August 4.
Conclusion
In early June, Kendrick reiterated his forecast, suggesting Bitcoin could reach $150,000 by the end of 2024, potentially joining the $3 trillion market cap club. Investors should keep a close watch on political developments and market trends to make informed decisions.
