Bitcoin to hit $100K by US election day, Standard Chartered predicts
Kendrick links bitcoin's future value to US presidential election outcomes.
Key Takeaways
- Bitcoin could hit a new all-time high in August, according to Standard Chartered.
- Potential $100,000 bitcoin price tied to the US presidential election outcome.
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Standard Chartered Bank’s head of forex and digital assets research, Geoffrey Kendrick, predicts Bitcoin could reach a new all-time high in August and hit $100,000 by the US presidential election in November.
Kendrick’s forecast is contingent on Joe Biden remaining in the presidential race, a scenario he believes the market perceives as favoring a Donald Trump victory. The analyst views Trump as “bitcoin-positive,” noting a correlation between the former president’s electoral odds and Bitcoin’s price.
“The logic here is that both regulation and mining would be looked at more favourably under Trump,” Kendrick explained.
He also outlined an alternative scenario where Biden withdraws from the race in late July, potentially causing Bitcoin prices to dip to $50,000-$55,000.
Kendrick identified August 4 as a key date for Biden’s candidacy, as Ohio law requires presidential candidates to be registered by then. If Biden remains the Democratic nominee on this date, he is likely to stay in the race until November. The analyst maintains his year-end price prediction of $150,000 for Bitcoin and a $200,000 forecast for the end of 2025.
This prediction comes as Bitcoin trades at $62,247, according to CoinGecko data. Standard Chartered’s forecast highlights the potential impact of political events on crypto markets and underscores the growing interest in Bitcoin as a financial asset.
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