Bitcoin To Hit $100K Before US Elections: Standard Chartered
According to Geoffrey Kendrick, head of forex and digital assets research at Standard Chartered, Bitcoin (BTC) could surge to $100,000 before the US elections later this year. Reaching $100,000 from current price levels would translate to a growth of about 40.24%.
Moreover, Kendrick believes the original cryptocurrency will hit $150,000 by the end of this year if Donald Trump wins the elections and returns as US President. Trump has been very supportive of cryptocurrencies in his campaigns. The former US president has also enabled crypto donations for his campaigns.
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Kendrick believes Trump is more friendly towards crypto than the Biden administration. The Standard Chartered executive stated, ‘The Biden administration recently showed pragmatism in approving the spot ether ETFs, but subsequently Biden vetoed efforts to repeal SAB 121. So Trump is still more friendly than Biden.‘
Furthermore, the analyst stated that if the Non-Farm Payrolls data is friendly, Bitcoin (BTC) could surge to a new all-time high of ‘$80,000 by end-June.‘
The analyst stated, ‘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 further added that BTC could surge to $200,000 by the end of 2025, a rise of about 180.5% from current levels.
Will Bitcoin (BTC) hit a new all-time high this month?
BTC is currently down by 3.4% from its all-time high of $73,737.94, which it attained in March of this year. Apart from Kendrick, many other analysts also anticipate BTC to hit a new peak soon.
Also Read: Gold & Bitcoin: Dual Currency Contenders To Bring Down The US Dollar?
According to CoinCodex, Bitcoin (BTC) will hit a new all-time high of $75,383 on June 8, 2023. Furthermore, the platform anticipates BTC to continue rallying throughout this month, hitting $90,584 on June 30, 2024.
