Standard Chartered says bitcoin could hit $100,000 ahead of US elections
Quick Take
- Geoff Kendrick expects bitcoin to hit $100,000 ahead of the U.S. presidential elections this year.
- The Standard Chartered analyst added that, if Friday’s U.S. Non-Farm Payrolls data is “friendly,” the bitcoin price could reach a new all-time high over the weekend.
Bitcoin's price could increase to $100,000 ahead of the U.S. presidential election in November, according to Standard Chartered.
"As we approach the U.S. election, I expect $100,000 to be reached and then $150,000 by year-end in the case of a Trump victory," Geoffrey Kendrick, head of Standard Chartered Bank's forex and digital assets research, said Thursday in an email sent to The Block. "The Biden administration recently showed pragmatism in approving the spot ether ETFs, but subsequently Biden vetoed efforts to repeal SAB 121. So Trump is still more friendly than Biden," Kendrick added.
The Standard Chartered analyst pointed to tomorrow’s Non-Farm Payrolls data and noted that, if they are "friendly," he expects a fresh all-time-high for bitcoin's price to be reached over the weekend. "This would open the way for $80,000 by end-June," he said.
Kendrick added that he is sticking with his year-end price prediction of $150,000 and end-of-2025 forecast of $200,000 for bitcoin.
"Notably, a $150,000 price by end-2024 would see bitcoin join the $3 trillion club in terms of market cap, following NVDA’s $3 trillion market cap which was reached yesterday," he said.
Bitcoin traded flat over the past 24 hours and is now trading at $70,979, as of the time of writing, according to The Block's Price Page.
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