Bitcoin’s value could potentially hit a fresh record high in August and reach the aspirational $150,000 mark by the US presidential election in November, according to British multinational bank Standard Chartered. The bank’s analysts remain bullish on Bitcoin’s future despite the sluggish price action in the first half of 2024. Standard Chartered’s forex and digital assets research head, Geoffrey Kendrick, predicts a new all-time high for Bitcoin by August and a skyrocket to $100,000 by election day in November.
Kendrick’s price prediction is based on the assumption that incumbent President Joe Biden will remain in the U.S. presidential race, a scenario perceived as favorable for a victory by Republican presumptive candidate Donald Trump. Standard Chartered considers Trump “Bitcoin-positive,” citing a positive correlation between the ex-president’s electoral odds and the price of the cryptocurrency. Trump has shown openness to crypto, accepting crypto donations and advocating for all Bitcoin to be made in the U.S.
The analyst also highlighted a scenario where Biden pulls out of the race, potentially causing Bitcoin prices to dip to $50,000-$55,000. August 4 is marked as an important date for Biden’s candidacy, as Ohio law requires presidential candidates to register by that day. If Biden remains the Democratic nominee on August 4, he is likely to stay in the race until November. Kendrick maintains his year-end Bitcoin price forecast of $150,000 per coin for 2024 and a $200,000 prediction by the end of 2025.
Standard Chartered’s prediction comes as Bitcoin is currently trading at $61,924.62, according to CoinGecko. The bank’s forecast highlights the potential impact of political events on cryptocurrency prices. Kendrick believes that if Bitcoin reaches $150,000 by the end of 2024, it will join the $3 trillion club in terms of market cap, following NVDA’s $3 trillion market cap. The prediction underscores the optimism surrounding Bitcoin’s future despite recent price fluctuations and market uncertainties.
