Standard Chartered Bank predicts Bitcoin could hit a new record high in August and surge to $100,000 in November, buoyed by the US presidential election.
Bank Standard Chartered predicts that Bitcoin could hit an all-time high in August and then skyrocketed $100,000 in November.
Geoffrey Kendrickhead of digital asset research at the bank, believes this goal is achievable by the time the event takes place. US election
The bank noted that the possibility of Trump returning to the presidency would be beneficial for Bitcoin prices. Kendrick added:
“The argument here is that both regulation and mining would be viewed more favorably under Trump.”
However, if Biden withdraws from the race at the end of July, this could negatively impact Bitcoin prices.
According to Standard Chartered analysts, if Biden drops out of the race, Bitcoin price could fall to levels ranging from $50,000 to $55,000.
Kendrick mentioned that if the Democratic candidate to replace Biden has a high reputation, “Bitcoin price will remain low”. On the other hand, if Biden stays in the race, Bitcoin could bring “great buying opportunity”.
In addition to Bitcoin price predictions, Standard Chartered is reportedly preparing to launch a London-based Bitcoin (BTC) and Ethereum (ETH) exchange.
Standard Chartered Launches Bitcoin and Ethereum Trading Desk in London
