Bitcoin could reach a new all-time high in August and hit $100,000 by the U.S. presidential election in November, according to Standard Chartered.
The bank’s analyst said there is a high chance for $200,000 by 2025.
The summer of gains?
Standard Chartered forecasted a huge rise in bitcoin’s price as the U.S. presidential election approaches.
Geoffrey Kendrick, the bank’s head of forex and digital assets research, stated on Tuesday that bitcoin might hit a fresh all-time high in the summer, in August, followed by $100,000 by election day.
The prediction is based on President Joe Biden staying in the race, which the market views as increasing the likelihood of former President Donald Trump winning a second term.
A Trump victory is seen as favorable for bitcoin, and Kendrick believes that under Trump, there would be a new regulatory environment that support the growth of digital assets.
Yuge promises
Trump has labeled himself the crypto-president, after he met with leaders in the bitcoin mining industry, promised to support bitcoin mining and to end the Biden administration’s anti-crypto policies.
He also vowed to free Ross Ulbricht, a well-known figure in the crypto community. High-profile crypto supporters, including Kraken founder Jesse Powell and Gemini cofounders Cameron and Tyler Winklevoss have donated to Trump’s campaign.
Kendrick explained it’s very likely that both regulation and mining would be viewed more favorably under Trump.
Old man’s war
Kendrick also discussed predictions for other potential outcomes in the presidential race. The least likely scenario, according to him, is Biden withdrawing from the race in late July, which could cause bitcoin prices to fall to $50,000-$55,000.
He told August 4 as an important date for Biden’s decision, noting that Ohio law requires presidential candidates to be registered by this date.
If Biden remains the Democratic nominee on August 4, he will likely continue to be so in November.
If Biden is replaced by another Democratic candidate, bitcoin prices might remain in trouble.
Despite these scenarios, Standard Chartered maintains a year-end target of $150,000 for bitcoin and a 2025 forecast of $200,000.
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