Standard Chartered Bank, managing $820 billion in assets, has projected that Bitcoin could reach a new all-time high by August and potentially surge to $100,000 by November. Geoffrey Kendrick, the bank’s head of digital asset research, highlighted that this target might be achievable by the time of the US Presidential election.
Bitcoin’s Path to $100,000
Bitcoin hit its current all-time high of over $73,000 in March this year, spurred by the approval of Spot Bitcoin ETFs in January. Now, Standard Chartered believes the upcoming US Presidential race could serve as a catalyst for an even greater rally.
Key Factors Influencing Bitcoin’s Surge
Standard Chartered’s report suggests that Bitcoin’s price could surpass its previous high by August, despite recent price declines. The bank’s $100,000 prediction is heavily tied to President Joe Biden’s candidacy in the upcoming election. Kendrick stated that Biden’s continued presence in the race could benefit Donald Trump’s chances, which in turn would positively impact Bitcoin’s price.
Kendrick explained, “The logic here is that both regulation and mining would be looked at more favorably under Trump.” Conversely, if Biden steps out of the race in late July, Bitcoin’s price could fall to between $50,000 and $55,000. A credible Democratic replacement could keep Bitcoin prices subdued, whereas Biden staying in the election would present “a fantastic buying opportunity.”
Also Read: LAPD Arrests Suspect in $579,000 Bitcoin Mining Heist
Important Dates for Bitcoin and the Election
Early August is pivotal for Biden’s candidacy. “This is the date at which Ohio law requires presidential candidates to be registered. So, if Biden is still the Democratic nominee on August 4, he will remain so into the first week of November,” Kendrick noted. This timeline suggests that Bitcoin’s price movement is closely tied to the political landscape and key election milestones.
