British Mega Bank Standard Chartered Says Bitcoin Will Hit $100,000, Here’s When
04 July 2024 - 9:00AM
NEWSBTC
British mega bank Standard Chartered has made a bullish prediction
for Bitcoin (BTC), the world’s largest cryptocurrency. The
multinational bank has projected that Bitcoin will surge as high as
$100,000 from its current price of above $60,000. Bitcoin To Reach
$100,000 By US Election Day In a Tuesday note, Standard Chartered’s
head of forex and digital assets research, Geoffery Kendrick
predicted that Bitcoin could see its price rallying to $100,000 by
the United States (US) election day in November. He also disclosed
that the pioneer cryptocurrency is poised for “a fresh all-time” by
August 2024. Related Reading: XRP Price Attempts Bullish Decoupling
Amid Major Developments Kendrick’s bullish forecast for
BTC hinges on the outcome of the upcoming US Presidential
election, particularly whether the current US President, Joe Biden,
continues his election campaign. Within the crypto space, Biden has
somewhat gained an anti-crypto reputation due to his previous
actions seemingly aimed at limiting the crypto industry. As a
result, the crypto industry may lean towards supporting US
presidential candidate, Donald Trump in the forthcoming elections,
given his vocal support for cryptocurrencies and promises to
advance the ecosystem if elected President. Standard Chartered has
also correlated Trump’s electoral odds to the price of Bitcoin,
elucidating that both crypto regulation and mining could be viewed
more favorably under his regime. On the flipside, Kendrick also
emphasized that if Biden withdraws from the US Presidential
election race in July, the price of Bitcoin could drop as low as
$50,000 to $55,000. He pinpointed August 4 as a crucial date that
would determine Biden’s candidacy. Moreover, Kendrick’s
bullish outlook for BTC reaffirms his earlier predictions in
November 2023 when he projected BTC to hit $100,000 by the end of
2024. At the time, Kendrick and the Standard Chartered team had
outlined catalysts like Spot Bitcoin ETF approval and the Bitcoin
halving event as bullish drivers for this price surge. BTC
Continues To Trade Below All-Time Highs Bitcoin is still trading
below its all-time high of above $73,500 in March, experiencing
major declines as selling pressures take hold and market volatility
continues. Although Standard Chartered foresees a $100,000 price
leap for BTC and Bernstein predicts a $200,000 all-time high for
Bitcoin, the cryptocurrency is still on a downward trend.
Related Reading: Shiba Inu Starts July On A High Note: Burn Rate
Surges 16,854%, Trading Volume Rises 170% In just 24 hours, BTC
gave up over $2,000 from its price, declining by 3.88% to trade at
$60,115, according to CoinMarketCap. The cryptocurrency has been
exhibiting bearish signals since the beginning of June, influenced
by miners’ Bitcoin sell-offs and recent outflows from Spot Bitcoin
ETFs. Crypto analyst, Ali Martinez has predicted that over $1
billion will be liquidated if BTC rebounds to $62,600. This
development could potentially short the market and trigger more
declines for Bitcoin. Featured image created with
Dall.E, chart from Tradingview.com
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