Bitcoin could reach a new all-time high in August, potentially rising to $100,000 by the U.S. presidential elections in November, according to a forecast by Standard Chartered, as reported by The Block.
The scenario’s realization hinges on Joe Biden’s prospects in the presidential race. His continued participation would enhance the chances of a victory for Donald Trump, who is perceived as more favorable towards digital gold, experts noted.
“With a Republican candidate, both regulation and mining will be viewed more positively. […] Bitcoin will offer a fantastic buying opportunity,” the report states.
In the “least likely” event of Biden’s withdrawal at the end of July, the digital gold’s price could drop to $50,000-55,000, specialists indicated.
They believe that replacing the current president with a “reliable” successor like Michelle Obama would lead to “soft” price maintenance for the leading cryptocurrency.
Standard Chartered highlighted that August 4 is a key date—the deadline for candidate registration in Ohio. If no changes occur by then, they are unlikely to happen before November, analysts explained.
Earlier, CryptoQuant predicted conditions for a rally resumption in the third quarter.
Back in June, Standard Chartered experts initially presented the scenario of Bitcoin’s rise to $100,000 in November.
In the same month, Bloomberg reported on the institution’s plans to launch a trading unit for the spot market trading of the first and second cryptocurrencies.