British banking giant Standard Chartered has made a bold prediction for Bitcoin (BTC). They believe it will soar to $100,000 from its current price of around $60,000.
Election Day Surge
Standard Chartered’s head of forex and digital assets research, Geoffery Kendrick, expects Bitcoin to reach $100,000 by the US election day in November. He also predicts a new all-time high of $100,000 by August 2024.
Trump’s Impact
Kendrick believes the outcome of the US Presidential election will significantly impact Bitcoin’s price. If President Biden continues his campaign, Bitcoin could drop due to his perceived anti-crypto stance. Conversely, if Biden withdraws from the race, Bitcoin could rise as investors anticipate a more crypto-friendly environment under Trump.
Biden’s Withdrawal
If Biden withdraws by July, Kendrick predicts a potential drop in Bitcoin’s price to $50,000-$55,000. August 4th is seen as a crucial date that could determine Biden’s candidacy.
Previous Predictions
Kendrick’s bullish outlook aligns with his previous predictions in November 2023, where he forecasted Bitcoin to hit $100,000 by the end of 2024.
Current Market Conditions
Despite Standard Chartered’s optimism, Bitcoin is currently trading below its all-time high of $73,500. Market volatility and selling pressures have contributed to its recent decline.
Analyst’s Caution
Crypto analyst Ali Martinez warns that a rebound to $62,600 could trigger a market short and further declines for Bitcoin.
