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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

British Mega Bank Standard Chartered Says Bitcoin Will Hit $100,000, Here’s When

Scott Matherson
Scott Matherson
1 year ago
3 mins read
Bitcoin

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British mega bank Standard Chartered has made a bullish prediction for Bitcoin (BTC), the world’s largest cryptocurrency. The multinational bank has projected that Bitcoin will surge as high as $100,000 from its current price of above $60,000.

Bitcoin To Reach $100,000 By US Election Day

In a Tuesday note, Standard Chartered’s head of forex and digital assets research, Geoffery Kendrick predicted that Bitcoin could see its price rallying to $100,000 by the United States (US) election day in November. He also disclosed that the pioneer cryptocurrency is poised for “a fresh all-time” by August 2024.

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Kendrick’s bullish forecast for BTC hinges on the outcome of the upcoming US Presidential election, particularly whether the current US President, Joe Biden, continues his election campaign. Within the crypto space, Biden has somewhat gained an anti-crypto reputation due to his previous actions seemingly aimed at limiting the crypto industry.

As a result, the crypto industry may lean towards supporting US presidential candidate, Donald Trump in the forthcoming elections, given his vocal support for cryptocurrencies and promises to advance the ecosystem if elected President. Standard Chartered has also correlated Trump’s electoral odds to the price of Bitcoin, elucidating that both crypto regulation and mining could be viewed more favorably under his regime.

On the flipside, Kendrick also emphasized that if Biden withdraws from the US Presidential election race in July, the price of Bitcoin could drop as low as $50,000 to $55,000. He pinpointed August 4 as a crucial date that would determine Biden’s candidacy. 

Moreover, Kendrick’s bullish outlook for BTC reaffirms his earlier predictions in November 2023 when he projected BTC to hit $100,000 by the end of 2024. At the time, Kendrick and the Standard Chartered team had outlined catalysts like Spot Bitcoin ETF approval and the Bitcoin halving event as bullish drivers for this price surge.

BTC Continues To Trade Below All-Time Highs

Bitcoin is still trading below its all-time high of above $73,500 in March, experiencing major declines as selling pressures take hold and market volatility continues. Although Standard Chartered foresees a $100,000 price leap for BTC and Bernstein predicts a $200,000 all-time high for Bitcoin, the cryptocurrency is still on a downward trend. 

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In just 24 hours, BTC gave up over $2,000 from its price, declining by 3.88% to trade at $60,115, according to CoinMarketCap. The cryptocurrency has been exhibiting bearish signals since the beginning of June, influenced by miners’ Bitcoin sell-offs and recent outflows from Spot Bitcoin ETFs. 

Crypto analyst, Ali Martinez has predicted that over $1 billion will be liquidated if BTC rebounds to $62,600. This development could potentially short the market and trigger more declines for Bitcoin.   

Bitcoin price chart from Tradingview.com
BTC price drops below $61,000 | Source: BTCUSD on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Read more

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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