According to Standard Chartered, the price of Bitcoin might reach $100,000 before November’s U.S. presidential election.
Geoff Kendrick predicts Bitcoin will reach $100,000 before this year’s presidential election in the United States.
The Standard Chartered analyst also stated that if Friday’s U.S. Non-Farm Payrolls report is “friendly,” the Bitcoin price might achieve a new all-time high this weekend.
Standard Chartered estimates that the price of Bitcoin BTC (+0.34%) could reach $100,000 before the U.S. presidential election in November.
“I expect it to reach $100,000 as the US elections get closer and $150,000 by the end of the year in case Trump wins,” said Geoffrey Kendrick, head of research on digital assets and FX at Standard Chartered Bank, in an email to The Block on Thursday. The Biden administration recently approved with viability “The spot Ether ETF, but Biden later vetoed attempts to repeal SAB 121. Thus, Trump remains much friendlier to ETH than Biden,” Kendrick added.
Citing the non-farm payrolls data coming out tomorrow, the Standard Chartered analyst said that if the numbers are “favorable,” he expects the price of Bitcoin to reach a new all-time high this weekend. “This would open the way to $80,000 by the end of June,” the politician claimed.
Kendrick also stated that he is sticking to his year-end price projection of $150,000 and the end-of-2025 prognosis of $200,000 for Bitcoin.
“Outstandingly, a $150,000 cost by end-2024 would see Bitcoin connect the $3 trillion club in terms of advertise cap, taking after NVDA’s $3 trillion showcase cap, which was come to recently,” he expressed.
According to The Block’s price page, Bitcoin has remained stable over the last 24 hours and is currently trading at $70,979.
