Key Insights:
- Standard Chartered predicts Bitcoin may hit $100,000 by November influenced by US election dynamics.
- Potential Biden withdrawal could lower Bitcoin’s price to $50,000-$55,000, depending on the replacement’s impact.
- Kendrick forecasts a $3 trillion Bitcoin market cap by 2025, indicating significant growth potential.
Standard Chartered’s digital asset research leads anticipate a significant surge in Bitcoin’s value, possibly reaching new heights by August and escalating further to $100,000 around the U.S. presidential elections in November. This forecast aligns with key political events, potentially influencing the cryptocurrency’s trajectory.
Anticipating Record Highs
According to Geoffrey Kendrick, head of forex and digital assets research at Standard Chartered, Bitcoin might set a new record by August. This projection is closely tied to the current U.S. political climate, where Joe Biden’s continued candidacy could catalyze the cryptocurrency’s rise. Kendrick notes, “Should Biden maintain his run, we see a potential rally taking Bitcoin to unprecedented levels, marking a lucrative buying phase.”
The bank’s analysis suggests that the cryptocurrency market may react positively to the stability offered by Biden’s presence in the race. However, a change in Democratic candidates could dampen this outlook, with Kendrick suggesting a potential drop to between $50,000 and $55,000 should Biden withdraw.
Political Dynamics and Market Implications
The link between U.S. political developments and Bitcoin’s price fluctuations stems from differing regulatory perspectives between the current administration and potential future leaders. Trump’s administration, perceived as more favorable to cryptocurrency regulations and mining, may further enhance Bitcoin’s appeal and market value.
Kendrick elaborates on the critical dates for these forecasts, with August 4 marking a significant deadline for Biden’s decision on his candidacy according to Ohio law. “This date will decisively influence market sentiments as it confirms the candidate lineup for November,” he explains.
Beyond 2024, Standard Chartered remains bullish on Bitcoin’s prospects, projecting a possible increase to $150,000 by year-end and reaching up to $200,000 by the end of 2025. Kendrick’s analysis points to a potential market capitalization comparable to major tech giants, positioning Bitcoin within the $3 trillion market cap range.
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