Geoff Kendrick, an analyst at Standard Chartered, is optimistic about the future of Bitcoin (BTC) as he predicts that its price could surge to $100,000 before the upcoming US presidential election. Kendrick’s positive outlook is based on a combination of upcoming economic data and political developments. He believes that the release of the Non-Farm Payroll (NFP) data on June 7, which is expected to have a positive impact on the markets, could potentially propel Bitcoin to new all-time highs over the weekend, paving the way for further gains.
If Trump emerges victorious in the election, Kendrick speculates that Bitcoin could even reach $150,000 by the end of the year as the former President is seen as more favorable to the cryptocurrency market. Kendrick points out that the Biden administration’s mixed signals regarding cryptocurrency regulation, such as approving spot Ethereum ETFs but vetoing efforts to repeal SAB 121, suggest that a Trump presidency could be more beneficial for Bitcoin.
Looking ahead, Kendrick emphasizes the significance of the NFP data release on June 7 and suggests that positive results could lead to a new all-time high for Bitcoin over the weekend, potentially pushing the price to $80,000 by the end of June. This milestone would mark a significant step in the ongoing upward trajectory of Bitcoin, setting the stage for even higher prices in the future.
In terms of long-term predictions, Kendrick sets a year-end price target of $150,000 for Bitcoin and forecasts that it could reach $200,000 by the end of 2025. He notes that achieving a price of $150,000 by the end of 2024 would bring Bitcoin’s market cap to $3 trillion, placing it in the same league as Nvidia (NVDA), which recently achieved this market cap milestone. This comparison underscores Bitcoin’s potential to establish itself as a significant asset in the global financial landscape.
Currently, BTC is hovering around $71,000, with expected economic data and political events likely to act as key catalysts for future price movements. Despite recent price stagnation, the future looks promising for Bitcoin as it continues to garner attention and interest from investors worldwide.
Please note that the information provided in this article is not intended as investment advice. Investors are encouraged to conduct their own research and be aware of the high volatility and associated risks of investing in cryptocurrencies. Follow our latest news updates on Telegram, Facebook, Twitter, and Coinmarketcap.