No need to wait until next year! Standard Chartered: Bitcoin will reach a new high in August, and the US election is expected to reach "this price"

Standard Chartered Bank predicts that Bitcoin will reach a new high in August

Geoffrey Kendrick, head of foreign exchange and digital asset research at Standard Chartered Bank, recently predicted that Bitcoin could reach a new all-time high this August and break $100,000 around the time of the U.S. presidential election in November. The forecast is based on current President Joe Biden remaining in the presidential race, which the market believes will benefit former President Donald Trump's chances of winning.

Kendrick explained: “Under Trump, the regulatory and mining environment will be more favorable.” He pointed out that Trump’s policies may improve the regulatory and mining environment for cryptocurrencies, which will have a positive impact on the price of Bitcoin. .

Standard Chartered Bank believes that the U.S. presidential election will be an important driver of Bitcoin prices. Kendrick expects Trump’s campaign to be supportive of Bitcoin prices as he is seen as a “Bitcoin-friendly” candidate. Trump has accepted Bitcoin donations and called for all Bitcoin to be produced in the United States, moves that demonstrate his support for the development of the cryptocurrency industry.

The US election has become a key event, and Bitcoin is expected to hit $100,000?

However, Kendrick also noted that if Biden drops out of the race in late July, Bitcoin prices could fall to between $50,000 and $55,000. The projection is based on Biden's Aug. 4 candidate registration deadline, the date by which presidential candidates must register under Ohio law. If Biden is still the Democratic nominee on August 4, he will likely be campaigning into November.

Kendrick emphasized that if Biden drops out of the race, Bitcoin prices may be affected. If Biden is replaced by a Democratic candidate with strong credibility, Bitcoin prices may remain weak. However, Kendrick still maintains his view of Bitcoin reaching $100,000 before the U.S. election and $150,000 by the end of the year, predicting that the price will reach $200,000 by the end of 2025.

Source: MartyParty Geoffrey Kendrick predicts Bitcoin price to be $100,000 before the US election

Standard Chartered’s forecast underscores the potential impact of political events on the cryptocurrency market and underscores Bitcoin’s growing interest as a financial asset. Kendrick noted in the report: "We believe that Biden's election will have a positive impact on Trump's chances of winning, which will support Bitcoin prices."

This forecast also reflects the market’s continued interest in cryptocurrencies, especially against the backdrop of increased political uncertainty. As Bitcoin prices fluctuate, investors need to pay close attention to upcoming political events and their potential impact on the market.

In conclusion, Standard Chartered’s optimistic forecast for the future price of Bitcoin once again emphasizes the close connection between the cryptocurrency market and global political events. Regardless of the outcome, these predictions will undoubtedly attract widespread attention and discussion among investors.

[Disclaimer] There are risks in the market, so investment needs to be cautious. This article does not constitute investment advice, and users should consider whether any opinions, views or conclusions contained in this article are appropriate for their particular circumstances. Invest accordingly and do so at your own risk.