FameEX Hot Topics | Standard Chartered Anticipates Bitcoin Hitting New All-Time High in August

Standard Chartered has predicted that Bitcoin could reach a new all-time high in August and hit $100,000 by the U.S. presidential election in November. Geoffrey Kendrick, the bank’s head of forex and digital assets research, shared this forecast, suggesting that a Trump victory could further boost bitcoin's price. He also maintains year-end and 2025 targets of $150,000 and $200,000, respectively.

Kendrick's forecast hinges on the assumption that President Joe Biden will remain in the race, which the market perceives as increasing the chances of former President Donald Trump winning a second term. A Trump victory is viewed as favorable for bitcoin due to potential policies that could benefit the cryptocurrency market. Trump, who has declared himself the “crypto president,” has recently shown support for bitcoin mining and pledged to end the anti-crypto policies of the Biden administration. High-profile crypto supporters, including Kraken founder Jesse Powell and Gemini cofounders Cameron and Tyler Winklevoss, have donated to Trump’s campaign.

Kendrick elaborated that both regulation and mining would be more favorable under a Trump administration. He also outlined scenarios for other potential outcomes of the presidential race. The least likely scenario, according to Kendrick, is Biden stepping out of the race in late July, which could cause bitcoin prices to dip to $50,000-$55,000.

He emphasized August 4 as a critical date, noting that Ohio law requires presidential candidates to be registered by this date. If Biden is still the Democratic nominee on August 4, he is likely to remain so in the first week of November. Kendrick suggested that if Biden’s Democratic replacement is highly credible, bitcoin prices may remain soft. Despite these variations, Standard Chartered has maintained its year-end target for bitcoin at $150,000 and a forecast of $200,000 by 2025.

In summary, Standard Chartered's predictions highlight a potential significant rise in bitcoin's value leading up to and following the U.S. presidential election, with various scenarios influencing the degree of impact on the cryptocurrency market. The bank's optimistic outlook on bitcoin underscores the potential for substantial growth, particularly in a political landscape favorable to cryptocurrency.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.