Standard Chartered Bank is a manager of $820 Billion in assets. Bitcoin By August, the price of bitcoin could hit a record high before soaring to $100,000 in November. Geoffrey Kendrick is the head of research for digital assets at the bank. He noted that the goal could be reached by the US Election.
Leading cryptocurrency has reached its all-time highest of over $73,000 in March This year. The approval of Spot Bitcoin exchange-traded funds in January was a major factor that led to this milestone. The US Presidential Election could trigger a BTC rally that is even more explosive.
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Standard Chartered predicts BTC will reach a record high in August
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Standard Chartered Bank released a study that predicted Bitcoin would reach $100,000 this year. This ascent would see the digital currency surpassing its highest price by August, in spite of its recent slump.
Kendrick explained that Kendrick’s $100K bet is dependent heavily on Joe Biden staying in the US race for president. Market participants note that Biden continuing to run is beneficial for Donald Trump. The bank has also noted that Trump will benefit Bitcoin.
“The logic here is that both regulation and mining would be looked at more favorably under Trump,” Kendrick said. The asset manager does note that Biden’s withdrawal from the race at the end of July may have a negative impact on BTC.
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Standard Chartered analysts believe that this scenario may cause Bitcoin’s price to drop between $50,000 and $55,000. Kendrick also said that if Biden’s replacement is a Democrat with some credibility, then Bitcoin could fall between $50,000 and $55,000. “Bitcoin prices will stay soft.” Bitcoin remains as viable alternative to Biden’s election. “a fantastic buying opportunity.”
Biden has made early August a key date in his campaign. “This is the date at which Ohio law requires presidential candidates to be registered. So, if Biden is still the Democratic nominee on August 4 he will be so in the first week of November,” Kendrick stated.
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Source: watcher.guru