Geoff Kendrick, an analyst at Standard Chartered, has made a bold prediction that Bitcoin (BTC) could potentially soar to $100,000 before the upcoming US presidential election. Kendrick’s optimistic forecast is grounded in a variety of factors, such as forthcoming economic indicators and political developments. He anticipates that the release of Non-Farm Payroll (NFP) data on June 7, expected to have a positive impact on the markets, could propel Bitcoin to new heights over the weekend, opening the door for further growth.
If Trump Wins, $150,000 Could Be on the Table
Kendrick envisions a scenario where Bitcoin could surge to $100,000 as the US elections draw near, with the possibility of reaching $150,000 by the end of the year if former President Donald Trump secures victory. He believes that the Biden administration’s mixed signals on cryptocurrency regulation, such as approving spot Ethereum ETFs while rejecting efforts to repeal SAB 121, suggest that Trump may be more supportive of the cryptocurrency market. This underscores the potential influence of political outcomes on Bitcoin’s price trajectory.
In addition, Kendrick highlights the significance of the NFP data set to be released on June 7, indicating that positive results could pave the way for a new all-time high for Bitcoin over the weekend. He predicts that this could propel Bitcoin to $80,000 by the close of June, marking a substantial milestone in the ongoing ascent of the leading cryptocurrency and potentially setting the stage for even higher prices later in the year.
Year-End and Long-Term Projections
Looking ahead, Kendrick has set a year-end target of $150,000 for Bitcoin, with a long-term forecast of $200,000 by the conclusion of 2025. He points out that achieving a price of $150,000 by the end of 2024 would elevate Bitcoin’s market cap to $3 trillion, placing it on par with Nvidia (NVDA), which recently reached this market cap milestone. This comparison underscores Bitcoin’s potential to solidify its position as a significant asset in the global financial landscape.
Currently, BTC is hovering around $71,000 at the time of writing, despite recent stagnation. However, with anticipated economic data and political developments on the horizon, significant catalysts for future price movements could be in store.
Please note: The information presented in this article is not intended as investment advice. Investors should be mindful of the high volatility and risk associated with cryptocurrencies and should conduct their own due diligence before making any investment decisions.
