Standard Chartered: Bitcoin will reach 100,000 USD in November this year

A representative of Standard Chartered Bank is confident that Bitcoin can reach a new ATH in August, then continue to rise to $100,000 in the heat of this year's US election.

According to Standard Chartered's latest forecast, Bitcoin price will set a new record in August, then surpass the $100,000 mark by the time of the US presidential election in November 2024.

The comment was made by Geoffrey Kendrick - head of foreign exchange and digital assets research at Standard Chartered, maintaining the bank's forecast earlier this year.

Standard Chartered analyst points out a positive correlation between former President Donald Trump's election chances and Bitcoin price.

“The logic here is that both regulation and the mining sector will be more favorable under Trump,” Kendrick added.

Kendrick also built a "least likely" scenario in which Mr. Joe Biden withdraws from the presidential race at the end of July, causing Bitcoin prices to plummet to the $50,000 - $55,000 range.

The Standard Chartered representative even opened up the possibility that if there were another strong candidate to replace Biden, such as Michelle Obama, the price of Bitcoin would also weaken. In case Biden stays in the race, Bitcoin is still a great investment channel.

Kendrick added, the important moment to determine whether Biden will continue to run or not is August 4. "This is the day Ohio law requires presidential candidates to register.

Back in early June, Kendrick forecast Bitcoin to rise to $150,000 and Ethereum to reach $8,000 by the end of 2024, maintaining his bullish stance from earlier this year. In addition, this British multinational bank is also planning to establish a separate cryptocurrency trading department for BTC and ETH.

Bitcoin is trading around the $60,927 mark, and has dropped more than 3.5% in the past 24 hours..