In a bold move, British banking giant Standard Chartered has cast a striking forecast for Bitcoin (BTC), the globally leading cryptocurrency. Foreseeing a dramatic climb and a subsequent increase by nearly 40% from its current standing, the banking institution behemoth envisages Bitcoin rocketing to a staggering $100,000 value.
Leading the charge is Standard Chartered’s Head of Forex and Digital Assets Research, Geoffery Kendrick. In his recent Tuesday note, Kendrick foreshadowed a potential Bitcoin price surge, all the way up to $100,000, by the United States Presidential Election day this November. Kendrick not only disclosed this optimistic outlook but also hinted at a potential record-breaking high for the pioneering cryptocurrency by August 2024.
Kendrick’s bullish view on Bitcoin’s future is intertwined with the forthcoming US Presidential elections’ outcome. Specifically, noting the future course of the incumbent President Joe Biden’s campaign can significantly influence Bitcoin’s fate. In the digital currency space, Biden has somewhat earned himself an unfavorable reputation due to past actions that seemed to strangle the burgeoning crypto industry’s growth.
As a consequence, sentiments within the crypto industry may sway towards the upcoming US Presidential hopeful, Donald Trump, given his outspoken backing for cryptocurrencies. The election runner has previously promised to nurture the digital currency ecosystem if he is to be elected President. Standard Chartered, in an attempt to draw a parallel, linked Trump’s chances of winning the election with Bitcoin’s price leap, advocating that both crypto regulation and mining might bask in a more favorable light under Trump’s administration.
However, a coin always has two sides. Underscoring this uncertainty, Kendrick also highlighted that if Biden decides to pull out of the race for the Presidency in July, Bitcoin prices could plummet, reaching the lows of $50,000 to $55,000. He singled out August 4 as a key date, potentially dictating Biden’s intentions and thereby, Bitcoin’s future.
Echoing his previous positive sentiments towards BTC from November 2023, Kendrick’s optimistic outlook reaffirms his previous projection of Bitcoin hitting the $100,000 mark by the end of 2024. Kendrick and Standard Chartered’s brain trust had enumerated factors like Spot Bitcoin ETF approval and the Bitcoin halving event as notable sparks for this anticipated price surge.
Despite the optimistic outlook, Bitcoin continues to trade below its record-setting high of more than $73,500 experienced in March, succumbing to significant drops as selling pressures mount and market volatility persists. Even as Standard Chartered predicts a leap to $100,000 and Bernstein foreseeing a $200,000 all-time high for Bitcoin, the cryptocurrency seems to be on a descending path.
Over just a 24-hour span, Bitcoin conceded more than $2,000, declining by a startling 3.88%, to trade at $60,115 according to CoinMarketCap. The cryptocurrency has been witnessing bearish signs since the advent of June, driven mainly by the Bitcoin miners’ selling-offs and recent Spot Bitcoin ETFs’ outflows.
Crypto analyst Ali Martinez has speculated that a staggering sum of over $1 billion could be liquidated if Bitcoin rebounds to $62,600. This development could potentially plunge the market into shorter trading and trigger further Bitcoin declines. Thus, the visibly turbulent world of cryptocurrencies waits with bated breath to witness the turn Bitcoin might take on this rollercoaster ride.
