British mega bank Standard Chartered has made a bullish forecast for Bitcoin (BTC), the world’s largest cryptocurrency. The international bank predicts that Bitcoin will rise by as much as $100,000 from its current price of over $60,000.
Bitcoin to reach $100,000 by US Election Day
In a note on Tuesday, Standard Chartered’s head of FX and digital asset research, Geoffery Kendrick, predicted that Bitcoin could reach its the price goes up to $100,000 by the United States (US) election day in November. He also revealed that the pioneering cryptocurrency is poised for a “fresh all-time high” by August 2024.
Kendrick bullish forecast for BTC depends on the outcome of the upcoming US presidential election, and in particular on whether the current US president, Joe Biden, continues his reelection campaign. In the crypto space, Biden has gained a bit of an anti-crypto reputation due to his previous activities ostensibly aimed at limiting the cryptocurrency industry.
As a result, the cryptocurrency industry may lean towards supporting the US presidential candidate, Donald Trump in the upcoming elections, considering his voice support for cryptocurrencies and promises to develop the ecosystem if elected president. Standard Chartered also linked Trump’s election chances to bitcoin priceexplaining that both cryptocurrency market regulation and mining could be viewed more favorably under his rule.
On the other hand, Kendrick also stressed that if Biden withdraws from US presidential election race in July, Bitcoin could fall to as low as $50,000 to $55,000. He pointed to Aug. 4 as a key date that will decide Biden’s candidacy.
Moreover, Kendrick’s hopeful attitude towards BTC is confirmed by his earlier forecasts in November 2023 when he predicted that BTC would hit $100,000 by the end of 2024. At the time, Kendrick and the Standard Chartered team presented catalysts such as Spot Bitcoin ETF Approval and Bitcoin halving event as factors driving price increases.
BTC continues to trade below record highs
Bitcoin still trades below its all-time high of over $73,500 in March, experiencing severe declines as selling pressure takes hold and market volatility continues. Although Standard Chartered predicts a $100,000 price jump for BTC and Bernstein predicts the price will reach $200,000, which is an all-time high in the case of Bitcoin, the cryptocurrency is still at decreasing tendency.
In just 24 hours, BTC has shed more than $2,000 of its value, falling 3.88% to $60,115, according to CoinMarketCap. The cryptocurrency is showing bear signals since the beginning of June, under the influence bitcoin sell-off by miners and recent outflows from Bitcoin-based ETFs.
Cryptocurrency analyst Ali Martinez has Planned that over $1 billion will be liquidated if BTC rebounds to $62,600. This development could potentially trigger low selling in the market and trigger further declines in Bitcoin’s value.
Featured image created with Dall.E, chart from Tradingview.com
