Standard Chartered Expects Bitcoin to Soar to New Heights by August
Bitcoin’s Future Tied to US Election Outcome, Standard Chartered Maintains $200K BTC Price Prediction for 2025.
Key Takeaways:
- Geoffrey Kendrick predicts Bitcoin will reach a new all-time high in August and $100,000 by November.
- The bank sees a positive link between Bitcoin's price and Trump's electoral prospects.
- Kendrick forecasts $150,000 by end-2024 and potentially $200,000 by end-2025.
Bitcoin's Future Tied to US Election Outcome
On July 2, Standard Chartered’s forex and digital assets research head Geoffrey Kendrick projected a new all-time high (ATH) for Bitcoin. The researcher explained that Bitcoin could surge to $100,000 by the November 2024 presidential election.
Kendrick predicts Bitcoin will rise if Biden stays in the presidential race, as the market expects Trump to win.
According to the Standard Chartered researcher, Trump is seen as “Bitcoin-positive” due to expected policies like favorable regulations and support for US Bitcoin mining.
His acceptance of cryptocurrency donations and public statements advocating for increased US-based Bitcoin mining contribute to his perceived alignment with the crypto sector's interests.
However, Kendrick also argues for an alternative scenario where Joe Biden withdraws from the presidential race by late July.
Should this occur, the analyst predicts potential downward pressure on Bitcoin prices, estimating between $50,000 and $55,000 per coin. He identifies “August 4” as an important date, as Ohio state law requires presidential candidates to be registered by then.
If Biden remains the Democratic nominee after this deadline, it indicates a high likelihood of his continued candidacy through the November elections.
Standard Chartered's forecast comes amidst the continuous bearish trend of BTC price. The asset trades at $60K, reflecting a decrease of 4.44% over the past 24 hours and 13.41% over the last 30 days.
$BTC price lost 4.44% in the past day
Even with the continuous fall, the institution bank bullish insights into the significant impact of political developments on cryptocurrency prices.
Standard Chartered Maintains $200K BTC Price Prediction for 2025
Standard Chartered bank analysts reaffirmed previous projections that Bitcoin will reach $150,000 by the end of 2024 and $200,000 by the end of 2025, indicating a sustained long-term outlook for the cryptocurrency.
The analysis from Standard Chartered also drew parallels with the introduction of gold exchange-traded funds (ETFs) in the US and how it affected the gold price.
With spot Bitcoin ETFs commencing trading in the U.S. earlier this year, the bank thinks that Bitcoin price could follow a similar path.
Meanwhile, in a strategic move reported by Bloomberg, Standard Chartered is preparing to establish a spot trading desk for Bitcoin and Ethereum in London.
This initiative marks the bank's proactive entry into the spot market for cryptocurrencies, positioning it as one of the first major global financial institutions to offer such services.
The trading desk will be integrated into Standard Chartered's existing foreign exchange (FX) trading unit, aiming to provide institutional clients with efficient and secure access to trade Bitcoin and Ethereum.
This strategic decision reflects the bank's broader objective of meeting institutional demand within the rapidly evolving digital asset ecosystem. It entails services ranging from access and custody solutions to tokenization and interoperability, ensuring a comprehensive suite of offerings tailored to institutional clients' needs in the digital era.
Jimmy Aki
Drawing from his background in economics, Jimmy has monitored blockchain development for years, firmly believing in its power to democratise finance. Beyond offering commentary on the latest crypto developments, he also spends his time analysing open-source codes of promising projects on GitHub. Jimmy holds Bitcoin and Ethereum.
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