British Mega Bank Standard Chartered Says Bitcoin Will Hit $100,000, Here’s When

The central bank of Britain Standard Chartered made a bullish prediction for Bitcoin (BTC), the world’s largest cryptocurrency. An international bank has predicted that Bitcoin will rise to $100,000 from its current value of over $60,000.

Bitcoin To Hit $100,000 On US Election Day

In a Tuesday letter, Standard Chartered’s head of forex and digital assets research, Geoffery Kendrick predicted that Bitcoin could see its price rise. the price converges to $100,000 on the day of the United States (US) election in November. He also revealed that the pioneering cryptocurrency is ready for “permanence” in August 2024.

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This is Kendrick’s place bullish forecast for BTC depends on the results of the upcoming US Presidential election, particularly whether the current US President, Joe Biden, he continues his election campaign. Within the crypto space, Biden has gained an anti-crypto reputation because of his name past actions which seems to be aimed at restricting the crypto industry.

As a result, the crypto industry may depend on the support of the US president, Donald Trump in the next election, given his own voice support for cryptocurrencies and promises to improve the ecosystem if he is elected as President. Standard Chartered also linked Trump’s election chances with no Bitcoin priceclarifying that both crypto and mining regulation may be well looked after under his regime.

On the side, Kendrick reiterated that if Biden withdraws from the US Presidential Election race in July, the price of Bitcoin may drop as low as $50,000 to $55,000. He pointed out August 4 as an important day that will decide whether Biden will run for office.

Furthermore, Kendrick’s opinion of BTC confirms his own early predictions for November 2023 when he stated that BTC will hit $100,000 by the end of 2024. At the time, Kendrick and the Standard Chartered team had outlined motivations such as Spot Bitcoin ETF Consent as well as Bitcoin reduction event as bullish drivers of this price increase.

BTC Continues to Trade at All-Time Lows

Bitcoin still trading below the March high of $73,500, experiencing a sharp decline as selling pressures take hold and market volatility continues. While Standard Chartered foresees a $100,000 BTC price break with Bernstein predicts a maximum of $200,000 with Bitcoin, cryptocurrency is in a low habit.

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In just 24 hours, BTC lost more than $2,000 in its price, down 3.88% to trade at $60,115, according to CoinMarketCap. Cryptocurrency has been on display bearish signs since the beginning of June, influenced by miners’ Bitcoin sell-offs and recent exits from Spot Bitcoin ETFs.

Crypto analyst, Ali Martinez has predicted that more than $1 billion will be liquidated if BTC goes back to $62,600. This development may short the market and cause further declines in Bitcoin.

The featured image was created with Dall.E, a chart from Tradingview.com