Standard Chartered Bank forecasts a substantial increase in Bitcoin's value, predicting it will reach $100,000 by the end of 2024. This optimistic projection is based on a combination of economic and technical factors, as well as the potential impact of the US presidential elections.
Optimistic Predictions for Bitcoin
Renowned Standard Chartered Bank recently released their forecast that Bitcoin's price could reach $100,000 by the end of 2024. This optimistic outlook reflects a positive view of the cryptocurrency market and is based on a range of economic and technical factors expected to influence Bitcoin's value in the coming months.
With assets under management totaling $820 billion, Standard Chartered Bank has predicted that Bitcoin could hit a new all-time high by August. Particularly noteworthy is the forecast that Bitcoin's price could reach $100,000 by November. Geoffrey Kendrick, Head of Digital Asset Research at the bank, emphasizes that this target could be influenced by the upcoming US presidential elections.
Impact of the US Presidential Elections
The Bitcoin market is highly sensitive to political developments, especially in the US. The current election campaign could act as a catalyst for an even stronger rally. In March this year, Bitcoin already reached an all-time high of over $73,000, largely thanks to the approval of a Bitcoin Spot ETF in January. Now, the presidential election campaign could provide the next big boost.
Kendrick highlights that market participants see the continuation of Joe Biden's candidacy as an advantage for Donald Trump's chances. Favorable regulation and a more supportive environment for Bitcoin could lead to higher prices. However, if Biden withdraws from the race, Bitcoin's price could drop to $50,000 to $55,000.
According to Kendrick, early August will be a crucial time for Biden's candidacy. "This is the date when presidential candidates must register according to Ohio law. If Biden is still the Democratic candidate on August 4, he will be in the first week of November". These developments offer a fascinating insight into the influence of global political events on the cryptocurrency market and underscore the need to closely monitor both market movements and political developments.
