Key Points
- Standard Chartered Plc’s analyst predicts Bitcoin’s price could reach $100,000 before the United States Presidential election.
- The analyst’s prediction is based on the potential political changes and their impact on the cryptocurrency market.
Standard Chartered Plc (LON: STAN) is of the opinion that the price of Bitcoin (BTC) could surge to $100,000 before the upcoming United States Presidential election.
Geoffrey Kendrick, who leads the bank’s forex and digital assets research, has expressed his views on the leading cryptocurrency’s potential market outlook and its correlation with the possible change in administration.
Political Influence on Crypto
The current U.S. President, Joe Biden, has shown a clear aversion towards the crypto sector.
He has consistently supported policies that were perceived as harmful to the digital asset sector, as seen in the crackdown on the sector by the US Securities and Exchange Commission (SEC), led by Gary Gensler.
However, President Biden has recently started consulting with crypto industry leaders, indicating a possible change in stance.
This shift is further highlighted by the SEC’s approval of spot Ethereum ETFs.
Despite this, President Biden vetoed efforts to repeal Staff Accounting Bulletin 121 (SAB 121), a rule that obliges firms that custody cryptocurrencies to record these assets on their balance sheets as liabilities.
For Kendrick, this action suggests that Donald Trump might be more crypto-friendly than Biden.
“As we approach the US election, I expect $100,000 to be reached and then $150,000 by year-end in the case of a Trump victory,” Kendrick predicted in an investor note.
According to the Standard Chartered analyst, a new all-time-high (ATH) for Bitcoin price this weekend is dependent on how favorable the upcoming Non-Farm Payrolls data will be.
“This would open the way for $80,000 by end-June,” Kendrick added.
Other Bitcoin Price Predictions
Recent predictions about Bitcoin’s price have followed a similar trend, although they are not tied to the forthcoming election.
Last month, well-known crypto analyst Willy Woo noted that over the past month’s “1 month of Bitcoin short position build-up just got liquidated. One more layer to go in order to short squeeze past all-time highs.”
It was also suggested that if Bitcoin bulls manage to break the all-time high of $74,000, then the BTC price will enter the price discovery zone, paving the way for a further rally to $100,000 or more.
In a similar vein, Galaxy Digital CEO Mike Novogratz projected a $100,000 BTC price by the end of the year.
“if we take out to $73,000 for the next week or so, we’re gonna end the year at $100,000, somewhere around there or even higher. Markets create ranges…” Novogratz stated.
On the higher end of the predictions, Robert Kiyosaki, the author of Rich Dad Poor Dad who is known for his bullish stance on cryptocurrencies, foresees BTC reaching $350,000 by August 25.
