Standard Chartered Bank’s latest forecast suggests that Bitcoin could reach a new all-time high in August and potentially hit $100,000 by the time of the U.S. presidential election in November 2024. Currently trading around $62,000, according to CoinGecko data, Bitcoin‘s trajectory is expected to ascend sharply, driven by market dynamics and geopolitical factors.
Geoffrey Kendrick, Standard Chartered’s head of forex and digital assets research, emphasized the likelihood of Bitcoin surpassing its previous peak in August, with a projected milestone of $100,000 coinciding with the U.S. election. Kendrick previously forecasted a year-end Bitcoin price of $150,000 and anticipates further gains to potentially reach $200,000 by 2025.
“Achieving a $150,000 price by the end of 2024 would place Bitcoin among the elite in terms of market cap, joining Nvidia’s $3 trillion club,” Kendrick noted.
Commenting on the potential impact of the U.S. presidential election on Bitcoin’s valuation, Kendrick highlighted scenarios linked to President Joe Biden’s candidacy. He suggested that Biden’s decision to continue running could present “a fantastic buying opportunity” for investors, contrasting with a potential drop to $50,000 if Biden were to withdraw. Kendrick also indicated that alternative candidates, such as former First Lady Michelle Obama, could influence Bitcoin’s price stability.
Acknowledging former President Donald Trump’s favorable stance towards Bitcoin, Kendrick noted expectations for more supportive regulatory measures and mining policies under a Trump administration. Trump’s recent acceptance of cryptocurrency donations underscores his administration’s contrasting approach to digital assets compared to Biden’s administration.
In summary, Standard Chartered’s projections underscore Bitcoin’s potential for significant price appreciation amid evolving geopolitical dynamics and regulatory landscapes, positioning it as a pivotal asset in global financial markets.
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