Standard Chartered, a multinational bank, has predicted that bitcoin could reach a new all-time high in August and surge to $100,000 by the US presidential elections in November 2024. This bold prediction comes from Geoffrey Kendrick, head of forex and digital asset research at Standard Chartered, who previously predicted Bitcoin would reach $150,000 by the end of 2024 and $200,000 by 2025. Kendrick also sees President Joe Biden's decision to run again as a “fantastic buying opportunity” for Bitcoin investors. However, he believes Bitcoin could fall to $50,000 if Biden steps down or is replaced by alternative candidates like Michelle Obama. He also noted that Bitcoin regulation and mining would be viewed more favorably under former President Donald Trump. Political events, especially US elections, can significantly influence the crypto market, emphasizing the need for investors to stay informed about political and economic developments that might impact the value of Bitcoin and other digital assets.
Key Points:
Standard Chartered predicts Bitcoin will reach a new all-time high in August and hit $100,000 by the 2024 US presidential elections.
Geoffrey Kendrick, head of forex and digital asset research at Standard Chartered, believes President Joe Biden's re-election bid presents a “fantastic buying opportunity” for Bitcoin investors.
Kendrick believes Bitcoin could fall to $50,000 if Biden steps down or is replaced by alternative candidates.
He also noted that Bitcoin regulation and mining would be viewed more favorably under former President Donald Trump.
Political events can significantly influence the crypto market, highlighting the importance of staying informed about political and economic developments.
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