Geoffrey Kendrick, head of forex and digital assets research at Standard Chartered, has projected a significant increase in Bitcoin’s value,
In a recent report, he predicted the cryptocurrency might reach a new all-time high by August, followed by a surge to $100,000 coinciding with the U.S. presidential election in November. The forecast is associated with the current presidential campaign and the participation of Joe Biden
According to Kendrick, a scenario where Trump wins could be highly favourable for Bitcoin claiming that Trump’s policies could improve the regulatory and mining environment for cryptocurrencies. The former president has been supporting the crypto space, for instance, he has accepted campaign contributions in BTC and has sat down with industry stand-ins.
Kendrick has outlined potential market movements should Biden withdraw from the race, yet pivotal. Should Biden step down, Kendrick suggests that Bitcoin could temporarily dip to between $50,000 and $55,000.
This forecast hinges on the registration deadline of August 4, as per Ohio law, which will confirm the Democratic nominee’s status. However, at the time of writing Bitcoin was trading at $62,185.23 a slight decline of 1.08 % in 24 hoursÂ
Kendrick argues that, if Biden stays in the race, this will be a good buying opportunity in Bitcoin with strong growth throughout the election period. On the other hand, a replacement by a strong Democratic candidate like Michelle Obama could keep the Bitcoin prices subdued.
However, Kendrick has set positive long-term expectations of $200,000 by 2025, which shows high expectations for Bitcoin’s performance
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