Standard Chartered Bank Predicts Bitcoin to Reach $100,000 by November
Standard Chartered Bank Predicts Bitcoin to Reach $100,000 by November
In a bold prediction, the $820 billion asset manager Standard Chartered Bank has stated that Bitcoin could hit a new all-time high by August before surging to $100,000 by November. The bank’s head of digital asset research, Geoffrey Kendrick, believes that the upcoming US Presidential election could be the catalyst for this significant rally.
Bitcoin reached its current all-time high of over $73,000 in March of this year, largely due to the approval of Spot Bitcoin ETFs in January. Now, with the presidential race heating up, Standard Chartered Bank sees even greater potential for BTC to soar to new heights.
Kendrick emphasized that the $100,000 price target is contingent on Joe Biden remaining in the race. The bank believes that Biden’s presence benefits Donald Trump’s chances, which in turn could positively impact Bitcoin’s price.
However, if Biden were to step out of the race in late July, Standard Chartered Analysts predict that Bitcoin could fall to the $50,000 to $55,000 range. Kendrick noted that if a credible Democratic candidate were to replace Biden, Bitcoin prices may remain soft. On the other hand, Biden staying in the race presents a “fantastic buying opportunity” for investors.
The bank highlighted early August as a crucial date for Biden’s candidacy, as Ohio law requires presidential candidates to be registered by then. If Biden is still the Democratic nominee on August 4, he will likely remain in the race through the first week of November.
With Bitcoin’s price trajectory closely tied to the political landscape, investors will be closely watching the developments leading up to the US election. Standard Chartered Bank’s bullish prediction for Bitcoin’s price could signal a significant shift in the digital asset market in the coming months.
