Standard Chartered has reaffirmed its bold forecast, projecting that Bitcoin (BTC) will reach the $100,000 milestone by November 2024. This optimistic outlook is supported by a confluence of factors including ETF inflows, the anticipated Bitcoin halving event, evolving regulatory landscapes, and on-chain data indicating a surge in adoption rates.
The financial behemoth Standard Chartered, with assets totaling $820 billion, is confident that BTC will not only surpass its previous peak but will also climb beyond $100,000 before year’s end. Bitcoin’s peak value to date is $73,000, achieved in March, shortly after the debut of the inaugural Bitcoin spot ETF. The ETF’s rapid capital accumulation propelled Bitcoin’s demand to unprecedented levels, further amplified by the excitement surrounding the April Bitcoin halving—a historical precursor to substantial price increases.
In the aftermath of the successful halving, Bitcoin has demonstrated a robust rally, ascending to new heights in the subsequent months.
At present, BTC is valued at $60,420, having experienced a 2.3% decline over the past day. Earlier, Bitcoin briefly dipped beneath this threshold, flirting with the possibility of a descent to the $50,000 mark. Market analysts have posited that the cryptocurrency is facing robust sell-off pressures from various quarters, including miners’ reserves, German regulatory bodies, the U.S. government, and a net outflow from ETFs.
Looking ahead, market experts are forecasting a bullish reversal in the coming weeks as the cryptocurrency’s adoption continues to expand. Institutional investors, in particular, have been leading the charge following the ETF’s endorsement, which has been interpreted as a positive shift in regulatory stance. Additionally, the ongoing U.S. presidential race is expected to have a significant impact on Bitcoin’s valuation.
**U.S. Presidential Race’s Impact on Bitcoin Valuation**
Presidential hopeful Donald Trump has openly declared his support for the cryptocurrency sector, pledging to foster its growth if elected. A victory for Trump could usher in crypto-friendly policies that would catalyze the industry’s expansion. In alignment with this sentiment, prominent figures such as the Winklevoss twins, co-founders of the Gemini crypto exchange, and Jesse Powell, founder of Kraken, have contributed to Trump’s campaign.
Analysts at Standard Chartered have emphasized in a recent report that the trajectory to $100,000 for Bitcoin hinges on Joe Biden maintaining his position as Trump’s opponent. Following a presidential debate where Biden appeared to underperform and Trump was perceived as the victor, there has been speculation about Biden’s prospects in the upcoming election, with some suggesting that the Democrats might nominate a new candidate.
Brace yourselves!
@StanChart
foresees
#Bitcoin
ascending to $100,000 by November, driven by the electoral climate and prevailing market movements. With BTC having reached $73,000 earlier in the year, this bullish prediction hints at the potential for a substantial upswing.
pic.twitter.com/kQXE99M45W
— Collin Brown (@CollinBrownXRP)
July 3, 2024
Kendrick, an analyst at the bank, has posited that the credibility of Biden’s potential replacement could temper Bitcoin’s price. However, should Biden remain in the electoral fray, it would present an exceptional opportunity for Bitcoin investment. Kendrick has also marked August as a pivotal month, noting that Ohio law stipulates presidential candidates must be registered by then. Therefore, if Biden is still the Democratic contender on August 4, he will likely retain that status come early November.
The bank projects that a Trump victory, with Biden still in the running, would strengthen regulatory frameworks and mining operations. Conversely, if Biden were to withdraw from the race in late July, it could jeopardize the $50,000 price target for Bitcoin.
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