Standard Chartered has predicted that bitcoin could hit a fresh all-time high in August and reach $100,000 by the November U.S. presidential election. The bank’s analyst expects a Trump victory to boost the price of bitcoin, while maintaining year-end and 2025 targets of $150,000 and $200,000, respectively.

Bitcoin Surge Predicted Amid US Presidential Race

Standard Chartered has made a prediction regarding the price of bitcoin as the U.S. presidential race approaches the November election. The bank’s head of forex and digital assets research, Geoffrey Kendrick, shared on Tuesday:

A fresh all-time for bitcoin in August is likely, then $100,000 by U.S. election day.

The analyst’s forecast hinges on President Joe Biden remaining in the presidential race, which the market interprets as increasing the chances of former President Donald Trump being elected for a second term. This outcome is perceived as favorable for bitcoin, as a Trump victory could lead to policies more beneficial for the cryptocurrency market. The analyst believes that a Trump win could foster a regulatory environment supportive of digital asset growth.

Trump has declared himself the “crypto president.” Last month, he met with leaders in the bitcoin mining industry and pledged to support bitcoin mining. He also promised to end the anti-crypto policies of the Biden administration and to free Ross Ulbricht. Several high-profile crypto supporters have donated to Trump’s campaign, including Kraken founder Jesse Powell and Gemini cofounders Cameron and Tyler Winklevoss.

Kendrick elaborated:

The logic here is that both regulation and mining would be looked at more favourably under Trump.

The Standard Chartered analyst also shared predictions for other presidential race scenarios. He explained that the “least likely” scenario is Biden stepping out of the race in late July, which could cause bitcoin prices to dip to $50,000-$55,000.

Kendrick highlighted Aug. 4 as a critical date for Biden’s decision. “This is the date at which Ohio law requires presidential candidates to be registered. So, if Biden is still the Democratic nominee on August 4 he will still be so in the first week of November,” he noted. Moreover, the analyst suggested that if Biden’s Democratic replacement is highly credible, “bitcoin prices will stay soft.” Standard Chartered has maintained a year-end target for bitcoin of $150,000 and a 2025 forecast of $200,000.

Source : Bitcoin News - Jul 3, 2024