As the post-halving process in cryptocurrencies occurs once again, the entire world continues to await the end of 2024 and the year 2025 based on the cycle. Although there is no guarantee that the price will rise, historical data suggests this possibility. Bitcoin price today, as of the time of writing, has fallen below $62,000 again after a 1.27% drop and is trading at $61,950. Despite this, Standard Chartered had a few things to say about it.
Bitcoin Price Prediction
According to a statement by Standard Chartered, Bitcoin’s price could move towards an all-time high approximately 30 days from now, i.e., with the onset of August, and could reach $100,000 before the historically significant US presidential elections in November.
On Tuesday, Geoffrey Kendrick, head of forex and digital asset research at Standard Chartered Bank, made the following statement:
A new all-time high for bitcoin in August, followed by $100,000 by US election day is likely.
Kendrick’s prediction is based on the fact that Joe Biden, who faced significant challenges during the first presidential debate, does not withdraw from the US presidential race. The potential benefits of a Donald Trump victory are being speculated as a result of this situation.
According to the comment from Standard Chartered, Donald Trump is considered positive for Bitcoin. Based on his recent statements, it is noted that a positive correlation could be established between a Trump election victory and the Bitcoin price.
Kendrick continued his remarks:
The logic here is that both regulation and mining would be viewed more favorably under a Trump administration,
Biden and Bitcoin’s Future
A Standard Chartered official examined the possibility of Joe Biden, who is thought to have suffered significant damage in the last debate, withdrawing from the election and stated that if this happens, Bitcoin prices could fall to $50,000-55,000.
Commenting further on the mentioned possibility, the well-known figure stated that if Biden withdraws and a Democratic candidate like Michelle Obama enters the race, “Bitcoin prices would not be significantly harmed.” He also mentioned that if Biden does not withdraw, it could present a buying opportunity for BTC.
Kendrick also noted that the critical date for the decision on whether Biden will withdraw is August 4:
This date is when presidential candidates must register according to Ohio laws. Therefore, if Biden is still the Democratic candidate on August 4, he will be so in the first week of November as well.
At the beginning of June, Kendrick reiterated his year-end price prediction of $150,000 for Bitcoin:
Specifically, a price of $150,000 by the end of 2024 would see Bitcoin join the $3 trillion market cap club, following NVDA’s achievement of a $3 trillion market cap yesterday.
