Bitcoin to See New All-Time High Within 60 Days: Standard Chartered

Standard Chartered has made a bullish prediction about the price of bitcoin (BTC) as the U.S. Presidential election approaches. 

According to the bank’s head of forex and digital assets research, Geoffrey Kendrick, the pioneering cryptocurrency could hit a new all-time high (ATH) in August and go as high as $100,000 by the U.S. Presidential election in November.

“A fresh all-time for bitcoin in August is likely, then $100,000 by U.S. election day,” Kendrick said in a statement on Tuesday.

Analyst Views Trump as Bitcoin-Positive

Kendrick’s prediction depends on Joe Biden remaining in the U.S. presidential race—a move the market sees as a higher chance of Trump being victorious in the upcoming election. The analyst views Trump as “bitcoin-positive,” noting that there is a positive correlation between Trump’s electoral odds and the price of BTC.

“The logic here is that both regulation and mining would be looked at more favourably under Trump,” he said.

Indeed, Trump has been a strong advocate of crypto and has criticized the Democratic regulatory approach to the sector. Earlier last month, he declared himself “the crypto president” and promised to end Joe Biden and Gary Gensler’s anti-crypto policies within an hour of his administration. Several notable industry leaders, including Kraken’s Jesse Powell and Gemini founders Cameron and Tyler Winklevoss, have committed funds to Trump’s campaign.

Alternative Scenario 

Meanwhile, Kendrick mentioned an alternative scenario where Biden steps out of the presidential race. According to him, this could cause the price of bitcoin to drop to as low as $50,000-$55,000. He highlighted August 4 as the key date for Biden’s decision on whether to remain in the race. 

Previously, in June, the analyst predicted that BTC could reach $100,000 ahead of the U.S. presidential election and then $150,000 by year-end if Trump wins.

Bitcoin trades at $60,151 at press time, representing a 4.2% decline in the past 24 hours.