Bitcoin’s Price Could Soar to $100,000 Amid U.S. Presidential Race, Predicts Standard Chartered

As a researcher with a background in financial markets and experience in following Bitcoin’s price movements, I find Standard Chartered Bank’s prediction of a new all-time high for Bitcoin by August and $100,000 by November to be an intriguing analysis. The bank’s head of forex and digital assets research, Geoffrey Kendrick, has identified several key factors driving this optimistic outlook – the existing market conditions and political developments, primarily the U.S. presidential election.

According to Standard Chartered Bank’s prediction, Bitcoin is expected to reach a new record high around August. Moreover, by November, its price could surge up to an astonishing $100,000. These forecasts stem from significant political developments and the upcoming U.S. presidential election.

Optimistic Bitcoin Price Prediction

As a crypto investor, I’m excited about the latest forecast from Standard Chartered Bank’s head of forex and digital assets research, Geoffrey Kendrick. He believes that Bitcoin’s price could hit a new record high before August rolls around. Moreover, according to his analysis of market trends and political factors, Bitcoin could surge past $100,000 by the U.S. presidential election in November. This optimistic outlook is based on the bank’s comprehensive evaluation of current market conditions and relevant political factors.

Recent Performance and Catalysts

The record-breaking price peak of Bitcoin at more than $73,000 was hit in March 2024, with the main reason being the January authorization of Spot Bitcoin ETFs. Standard Chartered predicts that the upcoming US presidential election could serve as a significant trigger for further price growth. According to Kendrick’s perspective, the political environment, specifically the candidates themselves, will significantly impact Bitcoin’s market behavior.

Political Influence on Bitcoin Prices

As a researcher, I’ve discovered an intriguing connection between President Joe Biden’s continued presence in the presidential race and the price of Bitcoin. According to my findings, Biden’s participation is perceived as advantageous for Donald Trump’s electoral prospects. Why, you ask? Well, Trump is often referred to as “bitcoin-positive.”

Other Potential Scenarios and Market Reactions

Kendrick presented an alternative situation in which Biden drops out of the presidential race towards late July. This potential development could lead to Bitcoin’s price dropping between $50,000 and $55,000. If a highly regarded Democratic candidate, like Michelle Obama, steps up as a replacement, Bitcoin prices might stay low. However, should Biden continue in the race, Kendrick advises that Bitcoin offers an excellent buying opportunity.

Should Biden still be the Democratic nominee by August 4, he’s expected to carry on with his campaign up until the November election. This is the key date for registering presidential candidates in Ohio.

BTC’s Bull Run Driven By Politics

Around the beginning of June, Kendrick restated his prediction that Bitcoin’s price will reach $150,000 by the end of the year, and he anticipates it will hit $200,000 by 2025. He pointed out that if Bitcoin achieves this $150,000 price point by the end of 2024, its market capitalization would surpass the $3 trillion mark – a significant achievement, as Nvidia has only recently joined this exclusive club.

During the ongoing U.S. presidential election, investors will keep a keen eye on political updates as they have the potential to significantly influence Bitcoin’s price trend. According to the bank’s assessment, a bullish market perspective could emerge if certain key political events, most notably President Biden’s election, come to pass.

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2024-07-03 15:12