Coinspeaker Standard Chartered Analyst Predicts Bitcoin Price ATH of $100K before US Election
The United States Presidential election is only about five months away and Standard Chartered Plc (LON: STAN) is convinced the price of Bitcoin (BTC) can reach $100,000 before that time. Geoffrey Kendrick, the head of Standard Chartered Bank’s forex and digital assets research has shared his thoughts on the potential market outlook of the leading cryptocurrency and its connection with the possible change in administration.
Trump or Biden for President?
President Joe Biden, the 46th President of the United States has displayed sheer animosity towards the crypto sector in the region. He has consistently approved policies that were deemed detrimental to the digital asset sector. Biden’s stance on cryptocurrencies was evident in the way the US Securities and Exchange Commission (SEC), led by Gary Gensler, cracked down on the sector.
However, a few days ago President Biden started reaching out to crypto industry leaders, seeking guidance on crypto policies moving ahead. This move signals a sudden change of stance, further underscored by the approval of spot Ethereum ETFs by the SEC.
While Americans were trying to bask in the euphoria of Biden’s U-turn on digital assets, the President vetoed efforts to repeal Staff Accounting Bulletin 121 (SAB 121), a rule that requires firms that custody cryptocurrencies to include these assets on their balance sheets as liabilities. For Kendrick, this sideways action makes Donald Trump more friendly than Biden.
“As we approach the US election, I expect $100,000 to be reached and then $150,000 by year-end in the case of a Trump victory,” he wrote in an investor note.
The Standard Chartered analyst believes that a fresh all-time-high (ATH) for Bitcoin price this weekend is hinged on how friendly tomorrow’s Non-Farm Payrolls data will come off as.
“This would open the way for $80,000 by end-June,” he added.
Beyond Standard Chartered: Lofty Price Predictions for Bitcoin
Recent predictions about Bitcoin price have equally followed the same pattern, although not hinged on the coming election. Last month, popular crypto analyst Willy Woo noted that over the past month’s “1 month of Bitcoin short position build-up just got liquidated. One more layer to go in order to short squeeze past all-time highs.”
Furthermore, it was stated that if Bitcoin bulls manage to break the all-time high of $74,000, then the BTC price will enter the price discovery zone opening the gates for further rally to $100,000 or more. Similarly, Galaxy Digital CEO Mike Novogratz projected a $100,000 BTC price towards the end of the year.
“if we take out to $73,000 for the next week or so, we’re gonna end the year at $100,000, somewhere around there or even higher. Markets create ranges…” Novogratz said.
On the higher side of the predictions, Robert Kiyosaki, the author of Rich Dad Poor Dad who is known for his bullish stance on cryptocurrencies, sees BTC reaching $350,000 by August 25.
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Standard Chartered Analyst Predicts Bitcoin Price ATH of $100K before US Election