Standard Chartered Bank predicts a record-breaking summer for the cryptocurrency. Their head analyst, Geoffrey Kendrick, expects Bitcoin to hit a new all-time high in August, followed by a steady rise to $100,000 by the US presidential election in November.
There's a twist, though. Kendrick's forecast hinges on the current political landscape. He believes the market perceives a Republican victory as bullish for Bitcoin, particularly if Donald Trump is the candidate. This is because, according to Kendrick, Trump is seen as more favorable towards Bitcoin regulation and mining.
On the flip side, if Joe Biden remains the Democratic nominee and especially if he stays in the race past early August, Kendrick predicts a potential dip for Bitcoin, possibly down to $50,000-$55,000. He even entertains the possibility of prices staying low if a strong Democrat replaces Biden.
