Bitcoin price could hit a new all-time high in August, then surge to $100,000 by the time of the US presidential election in November, according to Standard Chartered.
“There is a possibility that Bitcoin will hit a new record in August, followed by $100,000 by US election day,” Geoffrey Kendrick, head of digital asset and foreign exchange research at Standard Chartered Bank, said on Tuesday.
Kendrick’s prediction revolves around Joe Biden continuing to participate in the US presidential election race, a scenario that the market believes will tilt the victory to Donald Trump.
The Standard Chartered analyst sees Trump as “positive on Bitcoin” and points out that there is a positive correlation between the former president’s election results and Bitcoin’s price. “Regulations and mining will be viewed more favorably under Trump,” Kendrick added.
Alternative scenario if Biden withdraws from the election race
Standard Chartered analysts have modeled the “least likely” scenario of Biden dropping out of the presidential race at the end of July, which could send Bitcoin prices tumbling to $50,000-$55,000.
Expanding on this possibility, he added that if Biden’s Democratic nominee is credible, such as Michelle Obama, “Bitcoin prices will remain low.” However, he concluded that if Biden stays in the race, “Bitcoin is a great buying opportunity.”
According to Kendrick, August 4 is the day when it will be decided whether Biden will continue to enter the race. “That is the day that Ohio law requires presidential candidates to register. So if Biden is still the Democratic nominee on August 4, he will still be in the race in the first week of November,” the Standard Chartered analyst said.
In early June, Kendrick said he was sticking to his year-end price prediction of $150,000 and his year-end 2025 prediction of $200,000 for Bitcoin.
“Notably, the $150,000 level by the end of 2024 would see Bitcoin join the $3 trillion club in terms of market capitalization, following NVDA’s $3 trillion level achieved in recent days.”
Bitcoin is currently trading around $61,800 losing more than 2% of its value over the past 24 hours.
Source: TradingView
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