Biden

Bitcoin

Standard

Spot

Standard Chartered Bank, a financial institution managing $820 billion in assets, has made a bold prediction about Bitcoin’s future. The bank’s digital asset research team, led by Geoffrey Kendrick, forecasts that the world’s leading cryptocurrency could reach a new all-time high by August before potentially surging to $100,000 by November.
This ambitious target is closely tied to the upcoming U.S. Presidential election, according to Kendrick. The bank’s analysis suggests that the continuation of Joe Biden’s candidacy could be a positive factor for Bitcoin’s price trajectory.
Bitcoin recently achieved a record high of over $73,000 in March, largely driven by the approval of Spot Bitcoin ETFs in January. Now, Standard Chartered believes the U.S. election could serve as a catalyst for an even more significant rally.
The bank’s report indicates that a Trump presidency might be favorable for Bitcoin, as his administration could potentially adopt a more positive stance on cryptocurrency regulation and mining. However, the analysts caution that if Biden were to withdraw from the race in late July, it could negatively impact Bitcoin’s price, potentially causing it to fall to the $50,000-$55,000 range.
Kendrick highlighted August 4th as a crucial date, as it’s the deadline for presidential candidates to register in Ohio. He suggests that if Biden remains the Democratic nominee at this point, it could present “a fantastic buying opportunity” for Bitcoin investors.
While Standard Chartered’s prediction is notably optimistic, it’s important to remember that cryptocurrency markets are highly volatile and subject to various factors. Investors should always conduct their own research and consider their risk tolerance before making investment decisions.

Bitcoin Could Soar to $100,000 by Year-End, Standard Chartered Predicts

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Alte articole publicate pe 12 iul. 2024

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