British Mega Bank Standard Chartered Says Bitcoin Will Hit $100,000, Here’s When

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As an experienced financial analyst, I find Standard Chartered’s bullish prediction for Bitcoin reaching $100,000 by the US election day an intriguing development in the cryptocurrency market. The bank’s forecast is rooted in the upcoming US presidential election and the potential impact it could have on the crypto industry.

Standard Chartered, a leading British banking institution, has issued an optimistic outlook for Bitcoin (BTC), the dominant cryptocurrency. According to their forecast, Bitcoin’s value could reach an astounding $100,000 – significantly higher than its present price of over $60,000.

Bitcoin To Reach $100,000 By US Election Day

In a note published on a Tuesday, Geoffrey Kendrick, the head of forex and digital assets research at Standard Chartered, forecasted that the price of Bitcoin could reach as high as $100,000 by the US election day in November. Furthermore, he expressed his belief that the leading cryptocurrency is on track to establish a new record high by August 2024.

Kendrick’s optimistic prediction for Bitcoin relies heavily on the results of the upcoming US presidential election. Specifically, it depends on whether President Joe Biden wins a second term. In the cryptocurrency community, Biden has earned a somewhat negative reputation due to past actions perceived as hostile towards the crypto industry.

The crypto industry might incline towards backing Donald Trump in the upcoming elections due to his open advocacy for cryptocurrencies and plans to foster their development if he wins the presidency. Standard Chartered has made a connection between Trump’s election chances and Bitcoin’s price, suggesting that regulatory frameworks and mining could enjoy more favorable treatment under his administration.

From another perspective, Kendrick highlighted that if Joe Biden decides to step down from the US presidential race in July, the value of Bitcoin could potentially decrease to around $50,000 to $55,000. He identified August 4 as a significant date that could influence Biden’s campaign.

As an analyst, I’ve closely followed Kendrick’s perspective on Bitcoin’s price movement. His latest bullish stance aligns with his earlier projection made in November 2023, where he anticipated Bitcoin reaching $100,000 by the end of 2024. At that time, Kendrick and his team at Standard Chartered identified key factors such as the approval of a Spot Bitcoin ETF and the Bitcoin halving event, which they believed would significantly boost the price.

BTC Continues To Trade Below All-Time Highs

Bitcoin currently trades below its record-breaking price of over $73,500 set in March, as selling intensity increases and market instability persists. Despite optimistic projections from financial institutions like Standard Chartered ($100,000) and Bernstein ($200,000), the cryptocurrency remains on a bearish trajectory.

Within a single day, Bitcoin experienced a setback of over $2,000 in value, resulting in a 3.88% decrease to $60,115 as reported by CoinMarketCap. The digital currency has displayed bearish tendencies since early June, primarily due to miners selling off their Bitcoin and withdrawals from Spot Bitcoin ETFs.

Expert analysis by crypto forecaster Ali Martinez indicates that a rebound in Bitcoin’s price beyond $62,600 may lead to over a billion dollars in liquidations. Such an event could possibly instigate further drops for the cryptocurrency by intensifying short positions.

British Mega Bank Standard Chartered Says Bitcoin Will Hit $100,000, Here’s When

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2024-07-04 02:10