Standard Chartered Bank has predicted that Bitcoin could hit an all-time high by August and then soar to $100,000 by November.
Geoffrey Kendrick, the bank’s head of digital asset research, believes this target is achievable by the time the US election rolls around.
The market views Biden’s continued candidacy as a positive for Donald Trump’s chances. The bank notes that Trump’s potential return to the presidency would be beneficial for Bitcoin’s price. Kendrick added:
“The logic here is that both regulation and mining would be looked at more favorably under Trump.”
However, if Biden steps out of the race in late July, it could negatively impact Bitcoin’s price. Bitcoin’s current all-time high of over $73,000 was reached in March this year.
This surge was largely due to the approval of Spot Bitcoin ETFs in January. The upcoming US Presidential election is now expected to be a significant factor that could drive Bitcoin’s price even higher.
Bill Winters, the CEO of Standard Chartered. Credits: Forbes
According to Standard Chartered analysts, if Biden leaves the race, Bitcoin could fall to between $50,000 and $55,000.
Kendrick mentioned that if the Democratic candidate replacing Biden has strong credibility, “Bitcoin prices will stay soft.” On the other hand, if Biden remains in the race, Bitcoin could present a “fantastic buying opportunity.”
“This is the date at which Ohio law requires presidential candidates to be registered. So, if Biden is still the Democratic nominee on August 4, he will be so in the first week of November.”
Geoffrey Kendrick
In addition to their predictions about Bitcoin’s price, Standard Chartered is reportedly preparing to launch a Bitcoin (BTC) and Ethereum (ETH) trading desk based in London.
Last week, Cryptopolitan reported that sources familiar with the matter said the financial services giant is getting into spot market crypto trading.
“We have been working closely with our regulators to support demand from our institutional clients to trade Bitcoin and Ethereum, in line with our strategy to support clients across the wider digital asset ecosystem, from access and custody to tokenization and interoperability.”
Standard Chartered
The new trading desk is said to be part of the bank’s foreign exchange trading service. Although a specific launch date has not been mentioned, the sources indicate that it is close to being operational.
Last year, Standard Chartered launched Libeara, a blockchain platform designed to assist firms with real-world asset tokenization.
Reporting by Jai Hamid
