British megabank Standard chartered has made a bullish prediction for Bitcoin (BTC), the world’s largest cryptocurrency. The multinational bank has predicted that Bitcoin will rise to $100,000 from its current price of above $60,000.
Bitcoin reaches $100,000 on US Election Day
In a note on Tuesday, Geoffery Kendrick, head of forex and digital assets research at Standard Chartered, predicted that Bitcoin could see its value. price rises to $100,000 by United States (US) Election Day in November. He also announced that the pioneer cryptocurrency will be ready for “a new era” by August 2024.
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Kendricks bullish forecast for BTC depends on the outcome of the upcoming US presidential elections, in particular on whether the current US president, Joe Biden, continues his election campaign. Within the crypto space, Biden has gained somewhat of an anti-crypto reputation thanks to his previous actions seemingly aimed at limiting the crypto industry.
As a result, the crypto industry could lean towards supporting the US presidential candidate. Donald Trump in the coming elections, given his vocal support for cryptocurrencies and promises to advance the ecosystem if he is elected president. Standard Chartered has also linked Trump’s electoral chances to the price of Bitcoinclarifying that both crypto regulation and mining could be viewed more favorably under his regime.
On the other hand, Kendrick also emphasizes that if Biden withdraws from the US presidential election During the July race, Bitcoin’s price could drop to $50,000 to $55,000. He identified August 4 as a crucial date that would determine Biden’s candidacy.
Furthermore, Kendrick’s bullish outlook for BTC confirms his own previous predictions in November 2023 when he predicted BTC would reach $100,000 by the end of 2024. At the time, Kendrick and the Standard Chartered team had outlined catalysts such as Spot Bitcoin ETF Approval and the Bitcoin halving event as bullish drivers for this price increase.
BTC continues to trade below record levels
Bitcoin is still trading below its all-time high of above $73,500 in March, experiencing big declines as selling pressure increases and market volatility continues. Although Standard Chartered foresees a $100,000 price jump for BTC and Bernstein predicts an all-time high of $200,000 for Bitcoin, the cryptocurrency is still number one downward trend.
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In just 24 hours, BTC lost more than $2,000 from its price, down 3.88% to trade at $60,115, according to CoinMarketCap. The cryptocurrency is on display bearish signals since early June, under the influence of Bitcoin Miners Selloff and recent outflows from Spot Bitcoin ETFs.
Crypto analyst Ali Martinez has done just that predicted that more than $1 billion will be liquidated if BTC returns to $62,600. This development could potentially short the market and cause more declines for Bitcoin.
Featured image created with Dall.E, chart from Tradingview.com