British Mega Bank Standard Chartered Says Bitcoin Will Hit $100,000, Here’s When

British mega bank Standard Chartered has made a bullish prediction for Bitcoin (BTC), the world’s largest cryptocurrency. The multinational bank has projected that Bitcoin will surge as high as $100,000 from its current price of above $60,000.

Bitcoin To Reach $100,000 By US Election Day

In a Tuesday note, Standard Chartered’s head of forex and digital assets research, Geoffery Kendrick predicted that Bitcoin could see its price rallying to $100,000 by the USA (US) election day in November. He also disclosed that the pioneer cryptocurrency is poised for “a fresh all-time” by August 2024.

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Kendrick’s bullish forecast for BTC hinges on the final result of the upcoming US Presidential election, particularly whether the present US President, Joe Biden, continues his election campaign. Throughout the crypto space, Biden has somewhat gained an anti-crypto fame on account of his previous actions seemingly aimed toward limiting the crypto industry.

Because of this, the crypto industry may lean towards supporting US presidential candidate, Donald Trump within the forthcoming elections, given his vocal support for cryptocurrencies and guarantees to advance the ecosystem if elected President. Standard Chartered has also correlated Trump’s electoral odds to the price of Bitcoin, elucidating that each crypto regulation and mining may very well be viewed more favorably under his regime.

On the flipside, Kendrick also emphasized that if Biden withdraws from the US Presidential election race in July, the worth of Bitcoin could drop as little as $50,000 to $55,000. He pinpointed August 4 as an important date that may determine Biden’s candidacy. 

Furthermore, Kendrick’s bullish outlook for BTC reaffirms his earlier predictions in November 2023 when he projected BTC to hit $100,000 by the tip of 2024. On the time, Kendrick and the Standard Chartered team had outlined catalysts like Spot Bitcoin ETF approval and the Bitcoin halving event as bullish drivers for this price surge.

BTC Continues To Trade Below All-Time Highs

Bitcoin remains to be trading below its all-time high of above $73,500 in March, experiencing major declines as selling pressures take hold and market volatility continues. Although Standard Chartered foresees a $100,000 price leap for BTC and Bernstein predicts a $200,000 all-time high for Bitcoin, the cryptocurrency remains to be on a downward trend

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In only 24 hours, BTC gave up over $2,000 from its price, declining by 3.88% to trade at $60,115, in accordance with CoinMarketCap. The cryptocurrency has been exhibiting bearish signals because the starting of June, influenced by miners’ Bitcoin sell-offs and up to date outflows from Spot Bitcoin ETFs. 

Crypto analyst, Ali Martinez has predicted that over $1 billion will probably be liquidated if BTC rebounds to $62,600. This development could potentially short the market and trigger more declines for Bitcoin.   

BTC price drops below $61,000 | Source: BTCUSD on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com

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