Standard Chartered recently predicted that Bitcoin’s price will set a new record in August and then surpass the $100,000 mark by the time of the U.S. presidential election in November 2024.

This forecast was made by Geoffrey Kendrick, the head of FX and digital assets research at Standard Chartered, maintaining the bank’s prediction from earlier this year.

Geoffrey Kendrick pointed out the positive correlation between former President Donald Trump’s potential re-election and Bitcoin’s price.

Kendrick also outlined a “least likely scenario,” in which President Joe Biden withdraws from the race at the end of July, leading to Bitcoin’s price dropping significantly to the $50,000 – $55,000 range.

If a heavyweight candidate like Michelle Obama were to replace Biden, Bitcoin’s price would also weaken. Conversely, if Biden continues to run, Bitcoin is still considered a promising investment channel.

Kendrick also noted that the crucial date to determine whether Biden will continue to run is August 4th, as Ohio law requires presidential candidates to register by then.

Back in early June, Kendrick predicted that Bitcoin would rise to $150,000 and Ethereum to $8,000 by the end of 2024, maintaining his optimistic stance from earlier this year. Additionally, the multinational bank from the UK is planning to establish its own cryptocurrency trading unit for BTC and ETH.

Source: Allinstation