Bitcoin at $100,000 before elections? Standard Chartered says YES!

Bitcoin could hit a new all-time high in August, according to a new forecast from Standard Chartered! 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 to hit $100,000 before election?

Geoffrey Kendrick, head of forex and digital asset research at Standard Chartered, said a new all-time high for bitcoin in August is likely, followed by a surge to $100,000 by election day. This prediction aligns with that of expert Quinn Thompson of Lekker Capital, who also sees BTC at $100,000 by the election!

Last month, Kendrick predicted that the price of bitcoin would hit $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 put bitcoin in the $3 trillion club in terms of market cap, joining Nvidia,” Kendrick said.

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USA: A presidential election for the future of crypto

Kendrick Geoffrey also commented on the potential impact of the US presidential race on the BTC price. Predicting that President Joe Biden's decision to pursue his candidacy would present “a fantastic buying opportunity” for bitcoin investors. However, if Biden steps down, the price of bitcoin could drop to $50,000.

Additionally, Kendrick also noted that “bitcoin prices will remain weak” if President Joe Biden is replaced by alternative candidates like former First Lady Michelle Obama. Given former President Donald Trump’s embrace of bitcoin, Kendrick added that “regulation and mining would be viewed more favorably under Trump.”

Political events, particularly the US presidential election, can have a significant impact on the crypto market. Investors should therefore remain attentive to political and economic developments that could influence the value of bitcoin and other digital assets.

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