Standard Chartered Predicts Bitcoin To Reach $100,000 By US Election Day
Bitcoins value could potentially hit a fresh record high in August and reach the aspirational $150,000 mark by the US presidential election in November. This is according to British multinational bank Standard Chartered.
Standard Chartered Predicts Massive Bitcoin Price Surge
The first half of 2024 is over, and Bitcoins current price action has been sluggish more than many expected. However, analysts at Standard Chartered remain bullish.
In a Tuesday note, Standard Chartereds forex and digital assets research head Geoffrey Kendrick said a new all-time high for Bitcoin can come by August, and the worlds largest cryptocurrency could skyrocket to an eye-watering $100K by election day in November.
Kendrick based the price prediction on the assumption that incumbent President Joe Biden will remain in the U.S. presidential race, a scenario he thinks the market perceives as favoring a victory by Republican presumptive candidate Donald Trump.
Standard Chartered considers Trump Bitcoin-positive, noting a positive correlation between the ex-POTUSs electoral odds and the price of the alpha cryptocurrency.
The logic here is that both regulation and mining would be looked at more favorably under Trump, Kendrick added.
While Trump has yet to suggest any cryptocurrency policies, he currently accepts crypto donations and has called for all Bitcoin to be made in the U.S., noting that the nation should be a leader in the crypto sector.
August 4 Is A Key Date
Kendrick also highlighted a different scenario in which Biden pulls out of the race in late July, which could cause Bitcoin prices to target $50K-$55K on the downside.
Standard Chartereds analyst tips August 4 as an important date for Bidens candidacy. Ohio law requires presidential candidates to register by that date. If Biden remains the Democratic nominee on August 4, he will most likely remain in the race until November.
Kendrick maintains his 2024 year-end Bitcoin price forecast of $150,000 per coin and a $200,000 prediction for the end of 2025.
Notably, a $150,000 price by end-2024 would see Bitcoin join the $3 trillion club in terms of market cap, following NVDAs $3 trillion market cap, he postulated.
Standard Chartereds prognostication comes as Bitcoin changes hands for $61,924.62, per data aggregator CoinGecko. The banks prediction underscores the potential influence of political events on crypto prices.
Read more: https://zycrypto.com/standard-chartered-predicts-bitcoin-to-reach-100000-by-us-election-day/
Text source: ZyCrypto
