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bitcoin could fall to $50,000 if President Joe Biden drops out of the race to be US president, and soar to $100,000 in November if he stays the course, Standard Chartered said.
Biden's continued presidential bid would offer bitcoin investors a “fantastic buying opportunity,” he said. Head of FX and Digital Asset Research, Geoffrey Kendrick.
In that case, bitcoin could hit a new all-time high in August and skyrocket to $100,000 by the November presidential election, Kendrick said.
Positive correlation between bitcoin price and Trump's electoral chances
This is because there is a positive correlation between Donald Trump's election probabilities and the price of btc, he added.
<img decoding="async" alt="bitcoin Stock Photos, Royalty Free bitcoin Images | Stock Photos” src=”https://st3.depositphotos.com/15237386/33975/i/450/depositphotos_339750616-stock-photo-gold-bitcoin–crypto-currency-on.jpg”/><img decoding="async" src="https://st3.depositphotos.com/15237386/33975/i/450/depositphotos_339750616-stock-photo-gold-bitcoin–crypto-currency-on.jpg” alt=”bitcoin Stock Photos, Royalty Free bitcoin Images | Stock Photos”/>
Both cryptocurrency regulation and cryptocurrency mining will be viewed more favorably under a Trump administration, he added.
Trump’s campaign has demonstrated a pro-crypto stance in recent months. Not only has the former president started accepting campaign donations in digital assets, but he has also told some of the largest btc miners that he wants to produce all of the bitcoin left in the United States.
He added that he would defend btc miners in the White House if elected.
Triumph He also said he wants to become the “crypto president” in a fundraising event in San Francisco on June 6, according to a Reuters crypto-president-san-francisco-tech-fundraiser-2024-06-07/”>report who cited three people present at the event.
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So, I met a guy who is a big fan of twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin and LOVE what we are doing in twitter.com/CleanSpark_Inc?ref_src=twsrc%5Etfw”>@CleanSpark_Inc in twitter.com/hashtag/georgia?src=hash&ref_src=twsrc%5Etfw”>#Georgia and twitter.com/hashtag/mississippi?src=hash&ref_src=twsrc%5Etfw”>#Mississippi and twitter.com/hashtag/wyoming?src=hash&ref_src=twsrc%5Etfw”>#Wyoming. image.twitter.com/ofSXJGWWfn
—S. Matthew Schultz (@smatthewschultz) twitter.com/smatthewschultz/status/1800673786045530288?ref_src=twsrc%5Etfw”>June 11, 2024
bitcoin could join Nvidia in the $3 trillion market cap club
This is not Kendrick's first bullish prediction. Last month, the analyst predicted that the cryptocurrency king could reach $150,000 by the end of the year. He also predicted that the price of btc could rise to $200,000 by 2025.
If btc hits $150,000 by the end of 2024, it will join the “$3 trillion club in terms of market cap,” Kendrick said. Nvidia recently reached the same milestone.
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