Bitcoin’s price could reach a new all-time high in August and potentially climb to $100,000 during the U.S. presidential election in November, according to a report by Standard Chartered, as quoted by media reports.
Geoffrey Kendrick, Standard Chartered Bank’s head of forex and digital assets research, was quoted as saying that Bitcoin is likely to reach a new all-time high in August and hit $100,000 by U.S. election day.
Bitcoin reached an all-time high of $73,700 in March this year. Since then, it has been trading within a range of $59,000 to $72,000.
Kendrick’s forecast depends on Joe Biden remaining in the presidential race, a scenario the market believes would favor a Donald Trump victory.
The Standard Chartered analyst considers Trump to be “bitcoin-positive” and noted a positive correlation between the former president’s electoral prospects and the price of Bitcoin.
“The logic here is that both regulation and mining would be looked at more favourably under Trump,” Kendrick said.
Standard Chartered analyst considered a “least likely” scenario where Biden withdraws from the presidential election race in late July, suggesting that this could cause Bitcoin prices to dip to $50,000-$55,000.
“Notably, a $150,000 price by end-2024 would see bitcoin join the $3 trillion club in terms of market cap, following NVDA’s $3 trillion market cap which was reached yesterday,” he said.
On July 3, Bitcoin dropped over three percent amid reports that trading platform Robinhood plans to launch crypto futures in the US and Europe.
The leading cryptocurrency was trading at $60,283.8, down 2.83 percent. On June 24, it had reached a low of $60,263.
Several other cryptocurrencies were also experiencing declines. Ethereum, the second-most valued digital asset, was trading at $3,308.98, down 3.13 percent, while Tether remained flat at $1.