Standard Chartered Bank: Bitcoin will reach new highs in August! Earned $100,000 before the U.S. election

The recent gains in the cryptocurrency market have stalled, and Bitcoin has even been caught in the "war to defend the US$60,000 mark" several times. However, according to predictions from Standard Chartered, Bitcoin will reach a new high next month. Then it hit $100,000 before the U.S. presidential election in November.

Geoffrey Kendrick, head of foreign exchange and digital asset research at Standard Chartered Bank, said on Tuesday: "There is a strong possibility that Bitcoin will hit a new all-time high in August and then reach $100,000 before the U.S. election day."

Geoffrey Kendrick analyzes the U.S. president Regarding the impact that the election may have on the price of Bitcoin, he believes that if Biden continues to run, it will provide Bitcoin investors with an "excellent buying opportunity."

However, if Biden withdraws from the race, the price of Bitcoin may fall to US$50,000 to US$55,000. He also pointed out that if Biden's Democratic candidate replacement is very credible, such as former US first lady Michelle Obama, "Bitcoin prices will remain weak."

Geoffrey Kendrick added that the key date to determine whether Biden can run is August 4, "because this is the date Ohio law requires presidential candidates to register."

The Standard Chartered analyst believes that Trump has a positive attitude towards Bitcoin, and pointed out that there is a "positive correlation" between Trump's election and the price of Bitcoin. Geoffrey Kendrick continued: "The logic here is that (cryptocurrency) regulation and mining activities will be more favored under Trump."

Geoffrey Kendrick also said last month that if Trump wins, , Bitcoin will rise to $150,000 by the end of this year, and he still insists on the price prediction that Bitcoin will stand at $200,000 by the end of 2025.

According to CoinGecko market data, as of writing, Bitcoin is trading at $61,422, down 2.5% in the past 24 hours.

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