Standard Chartered Bank predicts Bitcoin will hit $100,000 by US Election Day

Jeffrey Kendrick, head of foreign exchange and digital assets research at Standard Chartered Bank, predicts that Bitcoin could reach a new all-time high in August and hit $100,000 before the U.S. presidential election in November.

Kendrick's predictions are based on Joe Biden remaining in the presidential race, and he believes the market is favoring Donald Trump to win. The analyst believes Trump is “good for Bitcoin” and points out that there is a correlation between his chances of winning the election and the price of Bitcoin.

“The logic here is that both regulation and mining will be viewed more favorably under a Trump administration,” Kendrick explained.

He also presented an alternative scenario in which Biden drops out of the race in late July and Bitcoin's price could fall to $50,000-$55,000.

Kendrick noted that August 4 is a key date for Biden's candidacy because Ohio law requires presidential candidates to register by that date. If Biden remains the Democratic nominee on that date, he will likely continue the election campaign until November. The analyst predicts Bitcoin will reach $150,000 by the end of the year and $200,000 by the end of 2025.

The forecast was released as Bitcoin was trading at $62,247, according to data from CoinGecko. Standard Chartered Bank's forecast highlights the potential impact of political events on the cryptocurrency market and underscores the growing interest in Bitcoin as a financial asset.