In the realm of cryptocurrencies, the global community eagerly anticipates the conclusion of 2024 and the arrival of 2025, driven by the recurring post-halving process. While future price movements remain uncertain, historical data hints at the possibility of an upward trend.
As of the latest update, the current price of Bitcoin has dipped by 1.27%, sliding below the $62,000 mark to settle at $61,950. Notwithstanding this decline, Standard Chartered has put forth some intriguing insights.
Bitcoin Price Prognosis
According to insights shared by Standard Chartered, Bitcoin’s value could surge to an all-time high in roughly 30 days, coinciding with the advent of August, and potentially reaching $100,000 before the momentous US presidential elections in November. For the most recent tech updates, explore NEWSLINKER.
Geoffrey Kendrick, the head of forex and digital asset research at Standard Chartered Bank, articulated the following views on Tuesday:
Kendrick’s projections hinge on whether Joe Biden persists in the US presidential race despite his challenges in the first debate. The analysis ponders the potential implications of a Donald Trump victory under such circumstances.
Per Standard Chartered, Donald Trump’s ascendancy is viewed favorably for Bitcoin. Recent statements suggest a plausible positive connection between a Trump win and Bitcoin’s valuation.
Expounding on the subject, Kendrick elaborated:
Biden and the Future of Bitcoin
A representative from Standard Chartered deliberated on the likelihood of Joe Biden, seemingly weakened by the prior debate, exiting the electoral contest. Should this scenario unfold, Bitcoin prices could retreat to the range of $50,000 to $55,000.
Further insights from the prominent individual suggested that if Biden were to step aside, and a Democratic contender such as Michelle Obama entered the fray, Bitcoin’s value might not suffer significantly. Additionally, it was hinted that a Biden exit could offer a favorable buying opportunity for BTC.
Kendrick accentuated the significance of August 4 as the decisive date for determining Biden’s course of action:
Reiterating his forecast from the start of June, Kendrick stood by his year-end price projection of $150,000 for Bitcoin.
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Disclaimer: The contents of this piece should not be construed as financial advice. Investors must recognize the high volatility inherent in cryptocurrencies, assume associated risks, and engage in thorough due diligence before making any investment decisions.
