Bitcoin at $100,000 Before the Elections? Standard Chartered says YES!
According to a new forecast from Standard Chartered, bitcoin could reach a new all-time high in August! That’s not all, as the world’s largest crypto could be worth $100,000 by the US presidential elections in November 2024. Currently, bitcoin is trading around $61,066, but that could change according to the multinational bank.
Bitcoin will reach $100,000 before the elections?
Geoffrey Kendrick, head of forex and digital asset research at Standard Chartered, stated that a new bitcoin record in August is probable, followed by a rise to $100,000 on election day. This prediction aligns with that of expert Quinn Thompson from Lekker Capital, who also sees BTC at $100,000 by the elections!
Last month, Kendrick had predicted that the price of bitcoin would reach $150,000 by the end of the year. By 2025, he expects bitcoin could climb to $200,000. “A price of $150,000 by the end of 2024 would place bitcoin in the $3 trillion club in terms of market capitalization, joining Nvidia,” Kendrick said.
USA: A Presidential Election for the Future of Crypto
Geoffrey Kendrick also commented on the potential impact of the US presidential race on the price of BTC. Predicting that President Joe Biden’s decision to run again would present “a fantastic buying opportunity” for bitcoin investors. However, if Biden steps down, the price of bitcoin could fall to $50,000.
Additionally, Kendrick also pointed out that “bitcoin prices will remain low” if President Joe Biden is replaced by alternative candidates like former First Lady Michelle Obama. Given former President Donald Trump’s adoption of bitcoin, Kendrick added that “regulation and mining would be viewed more favorably under Trump.”
Political events, especially the US presidential elections, can have a significant impact on the crypto market. Investors should therefore stay attentive to political and economic developments that might influence the value of bitcoin and other digital assets.
