Bitcoin Price Could Surge to $100,000 by November
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 email to The Block*, Kendrick elaborated on the factors driving this forecast and offered a more detailed outlook for BTC’s price trajectory.
Political Climate and Regulatory Decisions
As per Kendrick’s analysis, the Biden administration’s recent regulatory decisions and the current political climate suggest a potential BTC surge:
- Approval of spot Ether ETFs by Biden administration
- Biden’s veto on repealing SAB 121
- Trump’s perceived friendliness towards Bitcoin
Impact of US Non-Farm Payrolls Data
Kendrick highlighted the significance of the upcoming US Non-Farm Payrolls data on Bitcoin’s price:
- Favorable data could trigger a new all-time high
- Potential for $80,000 by the end of June if data is positive
Long-Term Price Predictions
Kendrick reiterated his long-term price targets for Bitcoin:
- Year-end target of $150,000
- End-of-2025 forecast of $200,000 per BTC
- Bitcoin reaching the $3 trillion market cap by 2024
Bullish Outlook for Bitcoin and Ethereum
Two months ago, Standard Chartered released a research note projecting strong future valuations for Bitcoin and Ethereum:
- Bitcoin reaching $150,000
- Ethereum hitting $8,000
Analysis of Bitcoin Valuation
Standard Chartered’s bullish Bitcoin valuation is based on three critical analyses:
- Comparison with gold market response to ETFs
- Portfolio optimization with gold and Bitcoin
- Linear extrapolation based on ETF inflows
Potential Price Levels
The bank’s analysis suggests potential Bitcoin price levels:
- $200,000 as the “correct” end-2025 price
- Possible overshoot to $250,000 in 2025
Current BTC Price
As of the latest update, Bitcoin traded at $71,183.
Hot Take: Bitcoin Heading Towards $100,000
Geoffrey Kendrick’s insights point towards a significant surge in Bitcoin’s price, potentially reaching $100,000 by November. Factors such as political decisions and economic data play a crucial role in shaping Bitcoin’s trajectory. Stay tuned for the latest updates on this exciting journey of digital assets!
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