3 July 2024
British mega bank Standard Chartered has made a bullish prediction for Bitcoin (BTC), the world’s largest cryptocurrency. The multinational bank has projected that Bitcoin will surge as high as $100,000 from its current price of above $60,000.
Bitcoin To Reach $100,000 By US Election Day
In a Tuesday note, Standard Chartered’s head of forex and digital assets research, Geoffery Kendrick predicted that Bitcoin could see its price rallying to $100,000 by the United States (US) election day in November. He also disclosed that the pioneer cryptocurrency is poised for “a fresh all-time” by August 2024.
Kendrick’s bullish forecast for BTC hinges on the outcome of the upcoming US Presidential election, particularly whether the current US President, Joe Biden, continues his election campaign. Within the crypto space, Biden has somewhat gained an anti-crypto reputation due to his previous actions seemingly aimed at limiting the crypto industry.
As a result, the crypto industry may lean towards supporting US presidential candidate, Donald Trump in the forthcoming elections, given his vocal support for cryptocurrencies and promises to advance the ecosystem if elected President. Standard Chartered has also correlated Trump’s electoral odds to the price of Bitcoin, elucidating that both crypto regulation and mining could be viewed more favorably under his regime.
On the flipside, Kendrick also emphasized that if Biden withdraws from the US Presidential election race in July, the price of Bitcoin could drop as low as $50,000 to $55,000. He pinpointed August 4 as a crucial date that would determine Biden’s candidacy.
Moreover, Kendrick’s bullish outlook for BTC reaffirms his earlier predictions in November 2023 when he projected BTC to hit $100,000 by the end of 2024. At the time, Kendrick and the Standard Chartered team had outlined catalysts like Spot Bitcoin ETF approval and the Bitcoin halving event as bullish drivers for this price surge.
BTC Continues To Trade Below All-Time Highs
Bitcoin is still trading below its all-time high of above $73,500 in March, experiencing major declines as selling pressures take hold and market volatility continues. Although Standard Chartered foresees a $100,000 price leap for BTC and Bernstein predicts a $200,000 all-time high for Bitcoin, the cryptocurrency is still on a downward trend.
In just 24 hours, BTC gave up over $2,000 from its price, declining by 3.88% to trade at $60,115, according to CoinMarketCap. The cryptocurrency has been exhibiting bearish signals since the beginning of June, influenced by miners’ Bitcoin sell-offs and recent outflows from Spot Bitcoin ETFs.
Crypto analyst, Ali Martinez has predicted that over $1 billion will be liquidated if BTC rebounds to $62,600. This development could potentially short the market and trigger more declines for Bitcoin.