Bitcoin Price Prediction: Standard Chartered Estimates BTC to Hit $100,000 by US Election Day as Experts Say to Consider This L2E Cryptocurrency for Parabolic Gains

bitcoin price dropped a fraction over the past 24 hours to trade at $60,342 as of 10:30 a.m. EST on trading volume that increased by 16%.

Despite the drop, traders remain bullish on btc as the price retreats to a critical support level.

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Every time twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin Touch this trend line and we see a massive bounce image.twitter.com/kbfOkimuiK

— The Moon (@TheMoonCarl) twitter.com/TheMoonCarl/status/1808510256105894005?ref_src=twsrc%5Etfw”>July 3, 2024

Renowned trader crypto Rover says this could be the last drop before the bull market continues.

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This will be the last one twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin dump before the bull market continues… image.twitter.com/O7nQUzWdgU

—crypto Rover (@rovercrc) twitter.com/rovercrc/status/1808507487760609310?ref_src=twsrc%5Etfw”>July 3, 2024

Standard Chartered Bank's head of FX and digital asset research Geoffrey Kendrick shares the optimism. He says the price of bitcoin could hit a new all-time high in August, potentially reaching $100,000 by the time of the US presidential election in November.

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Standard Chartered predicts bitcoin could hit $100,000 by August.

That's the kind of bull energy I'm here for.

— Lark Davis (@TheCryptoLark) twitter.com/TheCryptoLark/status/1808512276963414366?ref_src=twsrc%5Etfw”>July 3, 2024

But Kendrick said his prediction hinges on Joe Biden remaining in the presidential race. That makes Aug. 4 a crucial date given that Ohio law requires presidential candidates to be registered by that date. If Biden remains the Democratic nominee on that date, he is likely to challenge Donald Trump in the November election.

If this happens, says Kendrick, the market would favor a Donald Trump victory. The analyst describes Trump as “positive for bitcoin” and notes that there is a correlation between the former president’s electoral probabilities and the price of bitcoin.

But bitcoin could fall to $50,000 if Biden drops out of the race, Kendrick said.

bitcoin Price Prediction

bitcoin price is trading with a bearish bias, registering three successive red candles this week. As it tests the critical support at $60,227, marked by the 78.6% Fibonacci retracement level, the next 24 hours will be critical for the pioneer cryptocurrency.

The test of this support saw 59,539 traders liquidated, according to Coinglass Datawith a total settlement of $153.18 million.

If the 78.6% Fibonacci retracement level holds as a support floor, bitcoin price could bounce off it to recover. However, based on the outlook for the relative strength index (RSI), the market may be primed for further losses. The RSI is below the 50 threshold, with sharp lower highs showing waning buying momentum.

The moving average convergence divergence (MACD) is also in the negative territory, which shows that the bears have the upper hand in the short term. Traders should watch for the RSI to fall below the 30 threshold, as this would mean that btc is oversold. At this point, a solid move above the same threshold would indicate that btc is ripe for buying, and a recovery is expected.

<img decoding="async" src="data:image/svg+xml,%3Csvg%20xmlns='http://www.w3.org/2000/svg'%20viewBox='0%200%201363%20768'%3E%3C/svg%3E" alt="bitcoin” width=”1363″ height=”768″ data-lazy-srcset=”https://technicalterrence.com/wp-content/uploads/2024/07/1720127748_761_Bitcoin-Price-Prediction-Standard-Chartered-Estimates-BTC-to-Hit-100000.png 1363w, https://insidebitcoins.com/wp-content/uploads/2024/07/BTCww-300×169.png 300w, https://insidebitcoins.com/wp-content/uploads/2024/07/BTCww-1024×577.png 1024w, https://insidebitcoins.com/wp-content/uploads/2024/07/BTCww-768×433.png 768w, https://insidebitcoins.com/wp-content/uploads/2024/07/BTCww-269×153.png 269w” data-lazy-sizes=”(max-width: 1363px) 100vw, 1363px” data-lazy-src=”https://technicalterrence.com/wp-content/uploads/2024/07/1720127748_761_Bitcoin-Price-Prediction-Standard-Chartered-Estimates-BTC-to-Hit-100000.png”/>

<img decoding="async" src="https://technicalterrence.com/wp-content/uploads/2024/07/1720127748_761_Bitcoin-Price-Prediction-Standard-Chartered-Estimates-BTC-to-Hit-100000.png" alt="bitcoin” width=”1363″ height=”768″ srcset=”https://technicalterrence.com/wp-content/uploads/2024/07/1720127748_761_Bitcoin-Price-Prediction-Standard-Chartered-Estimates-BTC-to-Hit-100000.png 1363w, https://insidebitcoins.com/wp-content/uploads/2024/07/BTCww-300×169.png 300w, https://insidebitcoins.com/wp-content/uploads/2024/07/BTCww-1024×577.png 1024w, https://insidebitcoins.com/wp-content/uploads/2024/07/BTCww-768×433.png 768w, https://insidebitcoins.com/wp-content/uploads/2024/07/BTCww-269×153.png 269w” sizes=”(max-width: 1363px) 100vw, 1363px”/>

eth/pools/0x4585fe77225b41b697c938b018e2ac67ac5a20c0″ target=”_blank” rel=”noopener”>GeckoTerminal: btc/USD 1-day chart

On the other hand, if the bulls buy the dip, a recovery could occur. However, only a candle close above the 38.2% Fibonacci retracement level of $67,076 could free the bitcoin price from the hands of the bears. For the layman, the Fibonacci golden zone, which spans between 61.8% and 38.2%, is a volatile area for the price of an asset.

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