British mega financial institution Standard Chartered has made a bullish prediction for Bitcoin (BTC), the world’s largest cryptocurrency. The multinational financial institution has projected that Bitcoin will surge as excessive as $100,000 from its present worth of above $60,000.
Bitcoin To Reach $100,000 By US Election Day
In a Tuesday observe, Standard Chartered’s head of foreign exchange and digital belongings analysis, Geoffery Kendrick predicted that Bitcoin may see its price rallying to $100,000 by the United States (US) election day in November. He additionally disclosed that the pioneer cryptocurrency is poised for “a fresh all-time” by August 2024.
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Kendrick’s bullish forecast for BTC hinges on the result of the upcoming US Presidential election, notably whether or not the present US President, Joe Biden, continues his election marketing campaign. Within the crypto house, Biden has considerably gained an anti-crypto fame as a result of his previous actions seemingly geared toward limiting the crypto business.
As a outcome, the crypto business might lean in the direction of supporting US presidential candidate, Donald Trump within the forthcoming elections, given his vocal support for cryptocurrencies and guarantees to advance the ecosystem if elected President. Standard Chartered has additionally correlated Trump’s electoral odds to the price of Bitcoin, elucidating that each crypto regulation and mining could possibly be considered extra favorably below his regime.
On the flipside, Kendrick additionally emphasised that if Biden withdraws from the US Presidential election race in July, the value of Bitcoin may drop as little as $50,000 to $55,000. He pinpointed August 4 as an important date that may decide 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 tip of 2024. At the time, Kendrick and the Standard Chartered crew had outlined catalysts like Spot Bitcoin ETF approval and the Bitcoin halving event as bullish drivers for this worth surge.
BTC Continues To Trade Below All-Time Highs
Bitcoin remains to be buying and selling under its all-time excessive of above $73,500 in March, experiencing main declines as promoting pressures take maintain and market volatility continues. Although Standard Chartered foresees a $100,000 worth leap for BTC and Bernstein predicts a $200,000 all-time high for Bitcoin, the cryptocurrency remains to be on a downward trend.
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In simply 24 hours, BTC gave up over $2,000 from its worth, declining by 3.88% to commerce at $60,115, in line with CoinMarketCap. The cryptocurrency has been exhibiting bearish signals for the reason that starting of June, influenced by miners’ Bitcoin sell-offs and up to date outflows from Spot Bitcoin ETFs.
Crypto analyst, Ali Martinez has predicted that over $1 billion shall be liquidated if BTC rebounds to $62,600. This improvement may doubtlessly brief the market and set off extra declines for Bitcoin.
Featured picture created with Dall.E, chart from Tradingview.com
