$820 billion asset manager Standard Chartered Bank has said that Bitcoin could reach a new all-time high by August before surging to $100,000 by November. The bank’s head of digital asset research, Geoffrey Kendrick, noted the target could be in play by the time of the US Election.
The leading cryptocurrency reached its current all-time high of more than $73,000 in March of this year. That milestone was reached largely because of the January approval of Spot Bitcoin ETFs. Now, the US Presidential race could be the catalyst for BTC to enjoy an even bigger rally.
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Standard Chartered Says BTC Could Hit All-Time High in August
Standard Chartered Bank has released a report that predicts Bitcoin to surge to a $100,000 price this year. That ascension would have the leading digital asset surpass its current highest mark by August, despite its recent price slump over the last several months.
The $100K prediction is heavily dependent on Joe Biden remaining in the US presidential race, Kendrick said. The market notes that Biden’s continued running is a benefit to Donald Trump’s chances. Moreover, the bank notes that Trump would benefit Bitcoin’s price.
“The logic here is that both regulation and mining would be looked at more favorably under Trump,” Kendrick said. However, the asset manager notes that Biden’s stepping out of the race in late July could be bad news for BTC’s price.
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According to Standard Chartered Analysts, that scenario could lead Bitcoin to fall between the $50,000 and $55,000 levels. Moreover, Kendrick said if the Democratic candidate that replaces Biden has some credibility, “Bitcoin prices will stay soft.” Alternatively, Biden remaining in the election leaves Bitcoin as “a fantastic buying opportunity.”
Early August has emerged as an important date for Biden’s candidacy. “This is the date at which Ohio law requires presidential candidates to be registered. So, if Biden is still the Democratic nominee on August 4 he will be so in the first week of November,” Kendrick stated.