Bank

Jerome Powell

Standard

President Donald Trump

Rise

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 Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our&nbsp;<a href="https://tokenist.com/terms-of-service/" style="text-decoration:underline;color:#3c7b7b" target="_blank" rel="noreferrer noopener" class="deco-link">website policy</a>&nbsp;prior to making financial decisions.
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<p class="has-drop-cap">Bitcoin’s (<a href="https://tokenist.com/investing/how-to-invest-in-bitcoin/" rel="dofollow" class="deco-link">BTC</a>) price took a significant hit on July 4, 2024, dropping below $60,000 for the first time in months. The world’s leading cryptocurrency fell to $57,895.76, down 3.82% in 24 hours, with a market cap of $1.14 trillion. <br><br>This decline comes amid various factors, including concerns over an <a href="https://www.investopedia.com/mt-gox-is-finally-repaying-customers-so-why-are-bitcoin-investors-nervous-8668024" target="_blank" aria-label="impending Mt. Gox payout (opens in a new tab)" rel="noreferrer noopener nofollow" class="deco-link">impending Mt. Gox payout</a>, U.S. economic uncertainty, and ongoing spot-selling pressure. However, some analysts still believe in the asset’s potential to be priced near $100,000 as early as this November. </p> 
<h3 id="bitcoin-buckles-under-market-pressures-and-economic-uncertainty">Bitcoin Buckles Under Market Pressures and Economic Uncertainty</h3> 
<p>The cryptocurrency market is bracing for a substantial influx of Bitcoin, with Mt. Gox creditors expected to receive around 142,000 BTC, worth approximately $9 billion, starting in July. This imminent repayment is creating short-term volatility and uncertainty, as investors worry about the market’s ability to absorb this additional supply.</p> 
<p>Adding to the market’s woes, Federal Reserve Chair Jerome Powell recently stated that more work is needed to tame inflation. The Fed is now considering <a aria-label="only one interest rate reduction (opens in a new tab)" href="https://apnews.com/article/federal-reserve-inflation-prices-interest-rates-cuts-4384e6b128915458aba2d178bf31ee1b" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">only one interest rate cu</a><a href="https://apnews.com/article/federal-reserve-inflation-prices-interest-rates-cuts-4384e6b128915458aba2d178bf31ee1b" target="_blank" aria-label="only one interest rate reduction (opens in a new tab)" rel="noreferrer noopener nofollow" class="deco-link">t</a> for the rest of the year, instead of the <a href="https://tokenist.com/these-three-stocks-can-surge-if-the-fed-cuts-rates-in-september/" rel="dofollow" class="deco-link">previously expected two or more</a>. This shift has contributed to a risk-averse sentiment among investors, further weighing on crypto prices.</p> 
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<h3 id="bitcoin-s-bullish-forecasts-and-political-considerations">Bitcoin’s Bullish Forecasts and Political Considerations</h3> 
<p>Standard Chartered Bank remains bullish on Bitcoin’s future despite the current downturn. Geoffrey Kendrick, the bank’s head of forex and digital assets research, predicts a new all-time high for Bitcoin in August 2024, with a <a href="https://www.thestreet.com/crypto/markets/standard-chartered-u-s-election-could-see-bitcoin-rally-to-100000" target="_blank" aria-label="forecasted price of $100,000 by U.S. election day (opens in a new tab)" rel="noreferrer noopener nofollow" class="deco-link">forecasted price of $100,000 by U.S. election day</a> in November. This prediction, however, hinges on Joe Biden remaining in the presidential race.</p> 
<p>Kendrick views former President Donald Trump as “bitcoin-positive,” noting a positive correlation between Trump’s electoral odds and Bitcoin’s price. <br><br>The analyst reasons that a Trump administration would likely <a href="https://tokenist.com/in-a-bizarre-statement-trump-says-bitcoin-should-only-be-mined-in-the-us/" class="deco-link">favor regulation and mining</a>. Standard Chartered maintains its year-end 2024 price prediction of $150,000 for Bitcoin, putting the cryptocurrency’s market cap in the <a href="https://tokenist.com/the-3-trillion-club-only-has-3-stocks-which-one-is-likely-to-break-4-trillion-first/" rel="dofollow" class="deco-link">$3 trillion club</a>.</p> <iframe src="https://tokenist.substack.com/embed" width="100%" height="320" style="border:1px solid #EEE; background:white;" frameborder="0" scrolling="no"></iframe> 
<p><em>Disclaimer: The author does not hold or have a position in any securities discussed in the article.</em></p> 
<h3 id="br"><br></h3> 
<p>The post <a rel="nofollow" href="https://tokenist.com/bitcoin-dips-below-60k-but-analysts-eye-potential-rise-to-100k/">Bitcoin Dips Below $60k, But Analysts Eye Potential Rise to $100k</a> appeared first on <a rel="nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Bitcoin Dips Below $60k, But Analysts Eye Potential Rise to $100k

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