Geoff Kendrick, an analyst at Standard Chartered, has a bold prediction for Bitcoin (BTC) – he believes it could surge to $100,000 before the upcoming US presidential election. Kendrick’s optimistic forecast is based on a combination of factors, including upcoming economic data and political developments. He is particularly looking forward to the Non-Farm Payroll (NFP) data set to be released on June 7, which he expects to have a positive impact on the markets, potentially driving Bitcoin to new record highs over the weekend and opening the door for further gains.
If Trump Wins, $150,000 Could Be on the Table
Kendrick speculates that as the US elections draw near, Bitcoin could potentially hit $100,000, and if former President Donald Trump emerges victorious, the price might skyrocket to $150,000 by the end of the year. He points out that the Biden administration’s inconsistent stance on cryptocurrency regulations, such as approving spot Ethereum ETFs while rejecting efforts to repeal SAB 121, suggests that Trump could be more supportive of the cryptocurrency market. This underscores the significant impact that political outcomes can have on Bitcoin’s price trajectory.
Year-End and Long-Term Predictions
Looking further into the future, Kendrick has set a year-end target of $150,000 for Bitcoin and anticipates it could reach $200,000 by the close of 2025. He notes that reaching $150,000 by 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 major asset in the global financial landscape.
Currently, BTC is hovering around $71,000. Despite recent stability, Kendrick believes that upcoming economic data and political events could act as significant drivers for future price movements. The analyst is optimistic about the potential for Bitcoin to hit $80,000 by the end of June, marking a significant milestone in its ongoing ascent and potentially setting the stage for even higher prices later in the year.
Please note that the information provided in this article is not intended as investment advice. Investors should be aware of the high volatility and risk associated with cryptocurrencies and conduct thorough research before making any investment decisions. Follow our news on Telegram, Facebook, Twitter & Coinmarketcap.
