Standard Chartered Predicts Bitcoin Price Surge to $100,000
Standard Chartered has made a bullish forecast for Bitcoin (BTC), the largest cryptocurrency in the world. According to the multinational bank, Bitcoin could potentially reach $100,000 from its current price of over $60,000. The projections were made by Geoffery Kendrick, the head of forex and digital assets research at Standard Chartered.
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Bitcoin To Reach $100,000 By US Election Day
- The head of forex and digital assets research at Standard Chartered, Geoffery Kendrick, predicts that Bitcoin might rally to $100,000 by the United States (US) election day in November.
- Kendrick also anticipates that Bitcoin could hit a new all-time high by August 2024.
- The bank’s bullish outlook for Bitcoin is linked to the upcoming US Presidential election.
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Kendrick’s forecast is dependent on various factors, including the stance the candidates take towards the crypto industry.
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BTC Price Impacted by US Presidential Election
- The outcome of the US Presidential election in November could significantly impact the price of Bitcoin.
- The crypto community might favor a candidate who supports cryptocurrency to lead the country, citing potential benefits for the industry.
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Potential Impact of US Presidential Candidates
- US President Joe Biden’s policies towards crypto have raised concerns within the community.
- Donald Trump’s support for cryptocurrencies could sway the crypto industry’s backing towards him in the election.
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Price Swings Based on US Election Outcomes
- Kendrick suggests that if Biden exits the presidential race in July, Bitcoin’s price could drop to $50,000 to $55,000.
- The bank has highlighted August 4 as a pivotal date to determine Biden’s candidacy and its effect on Bitcoin’s price fluctuations.
- Reaffirmation of Previous Bitcoin Price Predictions
- Standard Chartered’s positive outlook for Bitcoin aligns with its earlier predictions of Bitcoin hitting $100,000 by the end of 2024.
- The team has identified specific catalysts like Spot Bitcoin ETF approval and the Bitcoin halving event to be driving factors behind the price surge.
BTC Struggles to Surpass All-Time Highs
Despite the optimistic projections from Standard Chartered and other analysts like Bernstein, Bitcoin continues to trade below its all-time high of above $73,500. The cryptocurrency market is currently facing selling pressures and increased volatility, contributing to Bitcoin’s downward trend.
- The price of Bitcoin has experienced significant fluctuations, dropping by over $2,000 within 24 hours and trading at $60,115, indicating a 3.88% decline.
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Bearish market signals have been prevalent since the beginning of June, influenced by factors such as Bitcoin sell-offs by miners and outflows from Spot Bitcoin ETFs.
- Analyst Predictions and Market Impact
- Crypto analyst Ali Martinez has forecasted potential liquidations of over $1 billion if Bitcoin rebounds to $62,600.
- This scenario could lead to short-term market volatility and further declines in Bitcoin’s price.
Hot Take: Insights on Bitcoin’s Price Predictions
As a crypto enthusiast, staying updated on market predictions and factors influencing Bitcoin’s price can help you make informed decisions. Standard Chartered’s bullish outlook brings optimism to the market, while external influences like the US Presidential election play a pivotal role in shaping Bitcoin’s future price movements. Keep a close eye on market trends and analyst forecasts to navigate the dynamic cryptocurrency landscape effectively.
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