British megabank bitcoin-rise-over-200-to-250000/” rel=”nofollow”>Chartered standard has made a bullish prediction for bitcoin (btc), the world’s largest cryptocurrency. The multinational bank has projected that bitcoin will rise to $100,000 from its current price of over $60,000.
bitcoin to hit $100,000 before US election day
In a note on Tuesday, Standard Chartered's head of FX and digital asset research, Geoffery Kendrick, predicted that bitcoin could see its The price rises to $100,000 ahead of the United States (US) election day in November. He also revealed that the pioneering cryptocurrency is set for “a new record” by August 2024.
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From Kendrick Bullish forecast for btc It depends on the outcome of the upcoming US presidential election, in particular whether the current US president, crypto-policies-under-fire-cardano-leader-speaks-out/” rel=”nofollow”>Joe Biden, continues his election campaign. Within the crypto space, Biden has earned an anti-crypto reputation due to his previous actions apparently intended to limit the cryptocurrency industry.
As a result, the cryptocurrency industry may be inclined to support the US presidential candidate. bitcoin-mining/” rel=”nofollow”>Donald Trump in the upcoming elections, given its crypto-companies/” rel=”nofollow”>Vocal support for cryptocurrencies and promises to advance the ecosystem if elected president. Standard Chartered has also correlated Trump's election probabilities with bitcoin Priceclarifying that both cryptocurrency regulation and mining could be viewed more favorably under his regime.
On the other hand, Kendrick also stressed that if Biden withdraws from the United States presidential election In July, the price of bitcoin could fall to $50,000 or $55,000. He pointed to August 4 as a crucial date that would determine Biden's candidacy.
Furthermore, Kendrick's bullish outlook for btc reaffirms his Previous predictions in November 2023 when he projected that btc would hit $100,000 by the end of 2024. At the time, Kendrick and the Standard Chartered team had outlined catalysts such as bitcoin-etfs-approved-by-us-sec/” rel=”nofollow”>bitcoin Spot ETF Approval and the bitcoin-halving-2024-complete-what-expect/” rel=”nofollow”>bitcoin Halving Event as bullish drivers of this price increase.
btc continues to trade below all-time highs
bitcoin btc is still trading below its all-time high of over $73,500 in March, and is experiencing significant declines as selling pressures take hold and market volatility continues. While Standard Chartered forecasts a $100,000 price jump for btc and Bernstein predicts an all-time high of $200,000 For bitcoin, the cryptocurrency is still in a downward trend.
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In just 24 hours, btc lost more than $2,000 of its price, falling 3.88% to trade at $60,115, according to CoinMarketCap. The cryptocurrency has been exhibiting bearish signals since the beginning of June, influenced by Massive bitcoin sales by miners and recent outflows from spot bitcoin ETFs.
Cryptocurrency analyst Ali Martinez has x.com/ali_charts/status/1808341827579179328?s=46″ rel=”nofollow”>foretold that over $1 billion will be liquidated if btc rebounds to $62,600. This development could potentially short the market and trigger further declines for bitcoin.
Featured image created with Dall.E, chart from Tradingview.com
