Standard Chartered claimed that the Bitcoin price could break a new record in August and rise to $100,000 by the US presidential election in November, The Block reported.
This prediction from Standard Chartered is based on Joe Biden's loss in the US presidential elections and Donald Trump's victory.
The report written by Geoffrey Kendrick, head of foreign exchange and digital assets research at Standard Chartered, included the following statements:
“Bitcoin is expected to reach an all-time high in August and then reach $100,000 by the US elections in November.”
The analyst states that he sees the Trump victory as a positive for Bitcoin and argues that there is a positive correlation between former president Trump's chances of winning the election and the price of Bitcoin.
“The logic here is that both regulation and mining will be viewed more favorably under Trump,” Kendrick said.
The analyst discussed Biden withdrawing from the presidential race in late July as another option. Stating that this situation is the “least likely” scenario, the analyst said that if this scenario occurs, it may cause the Bitcoin price to drop to $ 50,000-55,000.
Kendrick lastly reminded that in early June, they set the year-end price predictions for Bitcoin as $ 150,000 and the end-2025 price prediction as $ 200,000, saying, “The important thing is that a price of $ 150,000 is realized by the end of 2024.” said.
*This is not investment advice.
