Amidst the reoccurring post-halving phase in the realm of cryptocurrencies, anticipation sweeps across the globe as eyes turn towards the conclusion of 2024 and the unfolding of 2025 in accordance with the cycle. While there are no certainties regarding a potential surge in prices, historical records hint at this possibility.
As of the current moment, the price of Bitcoin has once again dipped below $62,000, marking a 1.27% decrease and settling at $61,950. Despite this setback, Standard Chartered has voiced noteworthy perspectives on the matter.
Bitcoin Price Outlook
Standard Chartered recently projected that Bitcoin’s value might ascend to an all-time peak roughly within the next 30 days, coinciding with the commencement of August, potentially soaring to $100,000 prior to the historically momentous US presidential elections in November. Stay up to date with the latest tech news through NEWSLINKER.
Geoffrey Kendrick, the head of forex and digital asset research at Standard Chartered Bank, expressed the following insights on Tuesday:
The trajectory of Kendrick’s forecast is anchored in the assumption that Joe Biden, despite facing formidable hurdles in the initial presidential debate, will not retreat from the US presidential candidacy. There’s speculation about the prospective advantages of a Donald Trump triumph arising from this scenario.
Standard Chartered posits that Donald Trump’s influence on Bitcoin is viewed favorably. Recent statements made by Trump suggest a possible positive correlation between his electoral victory and the price of Bitcoin.
In continuation of his assessment, Kendrick added:
Joe Biden’s Prospects and Bitcoin’s Fate
An official from Standard Chartered scrutinized the likelihood of Joe Biden, presumed to have encountered substantial setbacks in the past debate, stepping down from the race. If such an event transpires, Bitcoin’s value could plummet to the range of $50,000-55,000.
Further remarks from the distinguished figure indicated that in the scenario where Biden withdraws, and a Democratic contender such as Michelle Obama enters the fray, Bitcoin prices may not experience significant harm. He also highlighted that Biden’s potential departure could present a favorable window for BTC investments.
Kendrick emphasized that the pivotal date for determining Biden’s withdrawal is set for August 4:
Reiterating his earlier projection at the start of June, Kendrick stood by the year-end price estimate of $150,000 for Bitcoin:
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Disclaimer: The content presented in this article should not be construed as investment advice. Investors should acknowledge the high volatility linked with cryptocurrencies, embracing associated risks, and conducting their own due diligence.