Geoffrey Kendrick of Standard Chartered’s forex and digital assets department believes Bitcoin (BTC), which is currently trading at around $60,000, could hit $100,000 in the next few months, just before the US midterm elections. The current Bitcoin price would have to increase by 40.24% in order for it to reach $100,000.
Kendrick predicts that the value of the original cryptocurrency could reach $150,000 by year’s end if Donald Trump becomes president again. Trump has supported cryptocurrencies heavily in his political campaigns. He has allowed crypto donations in his campaigns.
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Kendrick is of the opinion that Trump will be more receptive to crypto than Biden. Standard Chartered Executive stated, ‘Biden’s administration showed pragmatism by approving spot ether ETFs. However, Biden vetoed attempts to repeal SAB 121. Trump still has a better relationship with Biden.‘
Furthermore, the analyst stated that if the Non-Farm Payrolls data is friendly, Bitcoin (BTC) could surge to a new all-time high of ‘By the end of June, $80,000 will be raised.‘
The analyst stated, ‘In addition, a price of $150k by 2024 could see bitcoin joining the $3 trillion club, after NVDA reached its $3 trillion cap yesterday.‘
Kendrick also added that BTC might surge to $200,000 at the end of 2025. This is a jump of around 180.5% compared with current levels.
Bitcoin (BTC), will it reach a new high in this month?
![Bitcoin](https://fxruhanahmed.com/2/wp-content/uploads/2024/05/Why-Is-Bitcoin-Up-Today.jpg)
BTC has fallen by approximately 3.4% since its March 2017 high of $73,737.94. Kendrick is not the only analyst who expects BTC will reach a new high soon.
Also Read: Gold & Bitcoin: Dual Currency Contenders To Bring Down The US Dollar?
CoinCodex estimates that Bitcoin will achieve a record high price of $75.383 by June 8th, 2023. BTC is expected to keep rising throughout June 2024, reaching $90 584 on the 30th.
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Source: watcher.guru