Bitcoin To Hit $100K By US Election: Standard Chartered
By Benzinga
Standard Chartered has projected that Bitcoin’s price might reach a new all-time high by August and could surge to $100,000 by the U.S. presidential election in November.
What Happened: The bank’s Head of Forex and Digital Assets Research Geoffrey Kendrick stated, “a fresh all-time high for bitcoin in August is likely, then $100,000 by U.S. election day.”
This optimistic forecast is contingent upon President Joe Biden remaining a candidate in the upcoming election, which the market interprets as favorable for Donald Trump‘s chances of winning, The Block reported.
Trump’s potential victory is seen as a positive catalyst for Bitcoin.
Kendrick noted, “The logic here is that both regulation and mining would be looked at more favourably under Trump,” emphasizing the correlation between Trump’s electoral prospects and Bitcoin’s price movement.
Also Read: Robinhood Reportedly Considers Expanding Into Cryptocurrency Futures Markets
Why It Matters: Kendrick outlined an alternative scenario in which Biden withdraws from the race in late July.
Should this occur, Bitcoin’s price could fall to between $50,000 and $55,000.
He elaborated that if Biden’s replacement is a strong candidate, such as Michelle Obama, “Bitcoin prices will stay soft.” Conversely, if Biden continues his campaign, Kendrick sees it as “a fantastic buying opportunity” for Bitcoin investors.
The crucial date to watch, according to Kendrick, is August 4.
“This is the date at which Ohio law requires presidential candidates to be registered. So, if Biden is still the Democratic nominee on August 4 he will still be so in the first week of November,” he stated.
Kendrick remains firm on his year-end Bitcoin price prediction of $150,000 and an end-of-2025 target of $200,000.
He pointed out, “Notably, a $150,000 price by end-2024 would see bitcoin join the $3 trillion club in terms of market cap, following NVDA’s $3 trillion market cap which was reached yesterday.”
As of now, Bitcoin is trading at $62,247, showing little change over the past 24 hours.
These projections and market dynamics will be part of the discussions at Benzinga’s Future of Digital Assets event on Nov. 19, where industry experts will explore the evolving landscape of digital currencies and their implications.
Image: Shutterstock
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