Standard Chartered Bank Forecast: Bitcoin Expected to Reach New Highs in August
Geoffrey Kendrick, Director of Foreign Exchange and Digital Assets Research at Standard Chartered Bank, recently predicted that Bitcoin could reach a new all-time high in August this year and surge past $100,000 around the time of the November U.S. presidential elections. This forecast is based on the current President Joe Biden’s status in the presidential race, with the market perceiving it as advantageous for the re-election chances of former President Donald Trump.
Kendrick explained, “Under Trump’s leadership, the regulatory and mining environment is expected to be more favorable.” He pointed out that Trump’s policies could potentially improve the regulatory and mining environment for cryptocurrencies, positively impacting Bitcoin’s price.
Standard Chartered Bank believes that the U.S. presidential election will be a significant driving factor for Bitcoin prices. Kendrick anticipates that Trump’s campaign will lend support to Bitcoin prices as he is seen as a “Bitcoin-friendly” candidate. Trump has accepted Bitcoin donations and advocated for all Bitcoin to be mined in the U.S., indicating his support for the development of the cryptocurrency industry.
Will the U.S. election be a crucial event for Bitcoin prices to touch $100,000?
However, Kendrick also noted that if Biden were to withdraw from the race in late July, Bitcoin prices could dip to between $50,000 and $55,000. This prediction is based on Biden’s candidate registration deadline on August 4th, where, according to Ohio state law, presidential candidates must register by this date. If Biden remains the Democratic candidate on August 4th, he is likely to continue campaigning until November.
Kendrick emphasized that if Biden were to drop out of the race, it could impact Bitcoin prices. If Biden is replaced by a Democratic candidate with a strong reputation, Bitcoin prices might remain subdued. Nevertheless, Kendrick maintains his view that Bitcoin prices will reach $100,000 before the U.S. election and $150,000 by the end of the year, with an anticipated price of $200,000 for Bitcoin by the end of 2025.
The forecast from Standard Chartered Bank highlights the potential impact of political events on the cryptocurrency market and underscores the increasing attention on Bitcoin as a growing financial asset. Kendrick stated in the report, “We believe Biden’s candidacy has a positive impact on Trump’s chances of winning, which will support Bitcoin prices.”
This prediction also reflects the continued interest in cryptocurrencies in the market, especially amidst increasing political uncertainty. With Bitcoin price fluctuations, investors need to closely monitor upcoming political events and their potential impact on the market.
In conclusion, Standard Chartered Bank’s optimistic forecast for Bitcoin’s future prices once again emphasizes the close connection between the cryptocurrency market and global political events. Regardless of the outcomes, these predictions will undoubtedly attract widespread attention and discussion among investors.
