Standard Chartered has made a bold prediction about Bitcoin's future price movements. The bank forecasts that Bitcoin could reach a new all-time high in August 2024, with its price potentially hitting $100,000 by the time of the U.S. presidential election in November.
Price Surge Prediction: Bitcoin’s price is expected to reach a new peak in August and continue its rise to $100,000 by November.
Geoffrey Kendrick's Insights: Geoffrey Kendrick, the head of forex and digital assets research at Standard Chartered, highlighted that a new all-time high in August is likely, followed by a surge to $100,000 by U.S. election day.
Impact of U.S. Presidential Election: Kendrick's forecast hinges on Joe Biden remaining in the presidential race, which the market perceives as favoring a potential Donald Trump victory. Trump's stance is viewed as "bitcoin-positive," with expectations that both regulation and mining would be looked at more favorably under his administration.
Alternative Scenario: If Biden withdraws from the election race, Standard Chartered's model indicates Bitcoin prices could dip to $50,000-$55,000. The key date for Biden's decision is August 4, 2024, as per Ohio law requirements.
Market Implications:
Positive Correlation: The positive correlation between Trump’s electoral odds and Bitcoin’s price suggests that regulatory and mining policies would be more favorable under his presidency.
Buying Opportunity: If Biden stays in the race, Bitcoin is seen as a fantastic buying opportunity, according to Kendrick.
Year-End Prediction:
In early June, Kendrick reiterated his year-end price prediction of $150,000 and an end-of-2025 forecast of $200,000 for Bitcoin. Achieving a $150,000 price by the end of 2024 would see Bitcoin join the $3 trillion club in terms of market cap.
Standard Chartered's predictions for Bitcoin indicate significant potential price movements influenced by the U.S. presidential election dynamics. As Bitcoin traded flat over the past 24 hours, its current price stands at $62,247, leaving investors and analysts eagerly watching the upcoming months.
