No need to wait until next year Standard Chartered Bitcoin to reach new highs in August expected to surge to this price due to the US election

Standard Chartered Bank Predicts Bitcoin to Reach New Highs in August
Geoffrey Kendrick, the Head of Forex and Digital Asset Research at Standard Chartered Bank, has recently predicted that Bitcoin could reach a new all-time high in August of this year and surpass $100,000 around the time of the November US presidential election. This prediction is based on the current situation of incumbent President Joe Biden in the presidential race, with the market perceiving it as favorable to former President Donald Trump’s chances of winning.
Kendrick explained, “Under Trump’s leadership, the regulatory and mining environment will be more favorable.” He pointed out that Trump’s policies could improve the regulation and mining environment for cryptocurrencies, which would have a positive impact on the price of Bitcoin.
Standard Chartered Bank believes that the US presidential election will be a significant driving factor for the price of Bitcoin. Kendrick expects that Trump’s campaign activities will provide support for the price of Bitcoin, as he is seen as a “Bitcoin-friendly” candidate. Trump has accepted Bitcoin donations and has advocated for all Bitcoin to be produced in the United States, indicating his support for the development of the cryptocurrency industry.
Is the US presidential election a key event that could push Bitcoin to $100,000?
However, Kendrick also noted that if Biden were to withdraw from the race in late July, the price of Bitcoin could fall to between $50,000 and $55,000. This prediction is based on Biden’s candidate registration deadline on August 4th, according to Ohio state law, where presidential candidates must register before this date. If Biden remains the Democratic Party’s candidate on August 4th, he is likely to continue campaigning until November.
Kendrick emphasized that if Biden were to withdraw from the race, the price of Bitcoin could be affected. If Biden were to be replaced by a Democratic Party candidate with a strong reputation, the price of Bitcoin could remain weak. However, Kendrick still maintains his view that the price of Bitcoin will reach $100,000 before the US presidential election and $150,000 by the end of the year, with a prediction of the price reaching $200,000 by the end of 2025.
The forecast from Standard Chartered Bank highlights the potential impact of political events on the cryptocurrency market and underscores the growing attention on Bitcoin as a financial asset. Kendrick stated in the report, “We believe that Biden’s campaign has a positive impact on Trump’s chances of winning, which will provide support for the price of Bitcoin.”
This prediction also reflects the continued interest in cryptocurrencies, especially against the backdrop of increasing political uncertainty. With the volatility of Bitcoin’s price, investors need to closely monitor upcoming political events and their potential impact on the market.
In conclusion, Standard Chartered Bank’s optimistic forecast for the future price of Bitcoin once again emphasizes the close connection between the cryptocurrency market and global political events. Regardless of the outcome, these predictions will undoubtedly attract widespread attention and discussion among investors.
This article is reproduced in cooperation with Crypto City.