Standard Chartered Bank Predicts Bitcoin to Reach New Highs in August
Geoffrey Kendrick, the Head 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 surpass $100,000 around the time of the November US presidential election. This prediction is based on the current situation of President Joe Biden in the presidential race, as the market believes this favors the chances of former President Donald Trump winning.
Kendrick explained, “Under Trump’s leadership, the regulatory and mining environment will be more favorable.” He pointed out that Trump’s policies could improve the regulation and mining environment for cryptocurrencies, which would have a positive impact on Bitcoin’s price.
Standard Chartered Bank believes that the US presidential election will be a major driving factor for Bitcoin’s price. Kendrick expects that Trump’s campaign activities will provide support for Bitcoin’s price, as he is seen as a “Bitcoin-friendly” candidate. Trump has accepted Bitcoin donations and has advocated for all Bitcoin to be produced in the US, signaling his support for the development of the cryptocurrency industry.
Is the US presidential election a key event for Bitcoin to reach $100,000?
However, Kendrick also noted that if Biden withdraws from the race in late July, Bitcoin’s price could drop to between $50,000 and $55,000. This prediction is based on the candidate registration deadline on August 4th, according to Ohio law, which requires presidential candidates to register before this date. If Biden remains the Democratic candidate on August 4th, he is likely to continue campaigning until November.
Kendrick emphasized that if Biden withdraws from the race, it could impact Bitcoin’s price. If Biden is replaced by a Democratic candidate with a strong reputation, Bitcoin’s price may remain weak. However, Kendrick still maintains his view that Bitcoin’s price will reach $100,000 before the US presidential election and $150,000 by the end of the year, with a prediction that Bitcoin’s price will reach $200,000 by the end of 2025.
Standard Chartered Bank’s prediction highlights the potential impact of political events on the cryptocurrency market and the growing attention on Bitcoin as a financial asset. Kendrick stated in the report, “We believe that Biden’s campaign has a positive impact on Trump’s chances of winning, which will support Bitcoin’s price.”
This prediction also reflects the continued interest in cryptocurrencies, especially in the backdrop of increasing political uncertainty. With the volatility of Bitcoin’s price, investors need to closely monitor upcoming political events and their potential impact on the market.
In conclusion, Standard Chartered Bank’s optimistic prediction for the future price of Bitcoin once again emphasizes the close connection between the cryptocurrency market and global political events. Regardless of the outcome, these predictions will undoubtedly attract widespread attention and discussion among investors.
This article is a collaborative reprint from:
Crypto City
