Biden

Bitcoin

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Geoffrey Kendrick, head of forex and digital assets research at Standard Chartered, predicts that the Bitcoin price could surge to $100,000 ahead of the US presidential elections this November. In an <a href="https://x.com/TheBlock__/status/1798657849809048028" target="_blank" rel="noopener nofollow">email</a> to The Block, Kendrick elaborated on the factors driving this forecast and offered a more detailed outlook for BTC’s price trajectory. 
<h2 id="if-this-happens-bitcoin-could-surge-to-100-000-by-november">If This Happens, Bitcoin Could Surge To $100,000 By November</h2> 
“As we approach the US election, I expect $100,000 to be reached and then $150,000 by year-end in the case of a Trump victory,” Kendrick stated. He pointed to the current political climate and recent regulatory decisions, noting, “The Biden administration recently showed pragmatism in approving the spot Ether ETFs, but subsequently <a href="https://bitcoinist.com/us-president-joe-biden-vetoes-overturn-of-sab-121/" target="_blank" rel="noopener ">Biden vetoed</a> efforts to repeal SAB 121. So <a href="https://bitcoinist.com/trump-bitcoin-agenda-industry-expert/" target="_blank" rel="noopener ">Trump is still more friendly</a> than Biden.” 
Kendrick emphasized the potential impact of tomorrow’s US Non-Farm Payrolls data on BTC’s price. He noted that favorable data could trigger a new all-time high over the weekend, opening the way for $80,000 by the end of June. “If the data is ‘friendly,’ I expect a fresh all-time high for Bitcoin’s price to be reached over the weekend,” he said. 
The analyst also reiterated his long-term price predictions, maintaining a year-end target of $150,000 and an end-of-2025 forecast of $200,000 per BTC. “Notably, a $150,000 price by end-2024 would see Bitcoin join the $3 trillion club in terms of market cap, following NVDA’s $3 trillion market cap which was reached yesterday,” Kendrick highlighted. 
Two months ago, Standard Chartered released a <a href="https://www.newsbtc.com/news/standard-chartered-bitcoin-ethereum-prediction-year-end/" target="_blank" rel="noopener nofollow">research note</a> offering a bullish outlook for Bitcoin and Ethereum by the end of 2024 and beyond. The bank’s analysts projected Bitcoin could reach $150,000, while Ethereum could hit $8,000. These projections were bolstered by the <a href="https://bitcoinist.com/breaking-spot-bitcoin-etfs-approved-by-us-sec/" target="_blank" rel="noopener ">launch</a> of Bitcoin spot exchange-traded funds (ETFs) in the United States, which have seen <a href="https://bitcoinist.com/bitcoin-etf-issuers-5-btc-supply/" target="_blank" rel="noopener ">massive inflows</a>. 
Kendrick and Suki Cooper explained that “rapid inflows to the new Bitcoin spot ETFs have dominated […] Most of the inflows are likely to be sticky pension-type flows,” underscoring the newfound stability in BTC investment trends. 
Standard Chartered’s bullish Bitcoin valuation is based on three pivotal analyses. First, drawing parallels with the <a href="https://bitcoinist.com/bitcoin-eyes-the-gold-throne-market-guru-says/" target="_blank" rel="noopener ">gold market</a>’s response to the introduction of US gold ETFs, the bank estimates BTC could rise to the $200,000 level, marking a 4.3x increase from its pre-ETF price. 
Second, by optimizing a portfolio with 80% gold and 20% Bitcoin at current gold prices, the analysis suggests a Bitcoin level of around $190,000. Lastly, a linear extrapolation based on the correlation between ETF inflows and BTC price points to a possible $250,000 level, assuming total ETF inflows around the bank’s midpoint estimate of $75 billion. 
The bank noted that these measures suggest “that $200,000 is the ‘correct’ end-2025 price level for BTC, […] and that it is likely to be the new midpoint for a sideways trading range at that time.” The research further suggested that an “overshoot to $250,000 is likely at some point in 2025 if ETF inflows continue apace and/or reserve managers buy BTC.” 
At press time, BTC traded at $71,183. 
<img loading="lazy" decoding="async" class="size-full wp-image-304134" src="https://bitcoinist.com/wp-content/uploads/2024/06/BTCUSD_2024-06-06_14-06-57.png?resize=1024%2C473" alt="Bitcoin price" width="1024" height="473" srcset="https://bitcoinist.com/wp-content/uploads/2024/06/BTCUSD_2024-06-06_14-06-57.png?resize=1024%2C473?w=3628 3628w, https://bitcoinist.com/wp-content/uploads/2024/06/BTCUSD_2024-06-06_14-06-57.png?resize=1024%2C473?w=640 640w, https://bitcoinist.com/wp-content/uploads/2024/06/BTCUSD_2024-06-06_14-06-57.png?resize=1024%2C473?w=768 768w, https://bitcoinist.com/wp-content/uploads/2024/06/BTCUSD_2024-06-06_14-06-57.png?resize=1024%2C473?w=980 980w, https://bitcoinist.com/wp-content/uploads/2024/06/BTCUSD_2024-06-06_14-06-57.png?resize=1024%2C473?w=1536 1536w, https://bitcoinist.com/wp-content/uploads/2024/06/BTCUSD_2024-06-06_14-06-57.png?resize=1024%2C473?w=2048 2048w, https://bitcoinist.com/wp-content/uploads/2024/06/BTCUSD_2024-06-06_14-06-57.png?resize=1024%2C473?w=750 750w, https://bitcoinist.com/wp-content/uploads/2024/06/BTCUSD_2024-06-06_14-06-57.png?resize=1024%2C473?w=1140 1140w, https://bitcoinist.com/wp-content/uploads/2024/06/BTCUSD_2024-06-06_14-06-57.png?resize=1024%2C473?w=3000 3000w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1">

Standard Chartered Predicts Bitcoin Surge To $100,000 Pre-US Elections

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