As the cycle of post-halving in the realm of cryptocurrencies repeats itself, the global community eagerly anticipates the conclusion of 2024 and the arrival of 2025. While there are no certainties regarding a potential surge in prices, historical data indicates such a possibility.
As of the present moment, the price of Bitcoin has once again dipped below $62,000, now resting at $61,950 following a 1.27% decrease. Despite this dip, Standard Chartered has voiced its insights on the matter.
Bitcoin Price Forecast
In a recent statement by Standard Chartered, it was suggested that Bitcoin’s price trajectory could lead it to an all-time peak around 30 days from now, as August commences, potentially surging to $100,000 before the historically momentous US presidential elections in November. Stay updated with the latest tech news via NEWSLINKER.
Geoffrey Kendrick, the head of forex and digital asset research at Standard Chartered Bank, shared the following insight on Tuesday:
Kendrick’s prediction hinges on the assumption that Joe Biden, who encountered significant hurdles during the initial presidential debate, remains in the running for the US presidency. Speculations about the potential advantages of a Donald Trump triumph have arisen as a consequence of this scenario.
Donald Trump is viewed favorably for Bitcoin according to Standard Chartered’s perspective. Recent comments made by him suggest a plausible positive correlation between a Trump victory and the price of Bitcoin.
Elaborating further, Kendrick stated:
Biden and the Future of Bitcoin
A representative from Standard Chartered pondered the likelihood of Joe Biden, who reportedly struggled in the last debate, stepping down from the election race. They mentioned that if this were to occur, Bitcoin prices could potentially drop to $50,000-55,000.
Expanding on this hypothetical scenario, the prominent figure remarked that in the event of Biden’s withdrawal and the entrance of a Democratic contender like Michelle Obama, Bitcoin prices might not suffer significantly. Additionally, it was noted that if Biden remains in the race, it could present an opportune moment for BTC investors.
Kendrick further highlighted that August 4 holds pivotal importance as the date for determining Biden’s potential withdrawal:
Back in early June, Kendrick reiterated his year-end price projection of $150,000 for Bitcoin:
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Please note: The details provided in this document should not be construed as investment guidance. Investors should be mindful of the high volatility and risks associated with cryptocurrencies and should undertake their own thorough research.
