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 ascend beyond $100,000 before the year’s conclusion. Bitcoin’s record high is currently $73,000, achieved in March, shortly after the debut of the inaugural Bitcoin spot ETF. The swift influx of billions into the investment vehicle propelled Bitcoin’s demand to unprecedented levels, further amplified by the excitement surrounding the April Bitcoin halving, which has historically catalyzed a price rally.
Significantly, following the successful halving, BTC has experienced a robust rally, culminating in a new record high months later.
At present, BTC is valued at $60,420, having experienced a 2.3% decline over the past day. Previously, Bitcoin briefly dipped below this threshold, flirting with the possibility of a descent to the $50,000 mark. Market analysts have posited that the cryptocurrency is facing intense sell-off pressures, emanating from various sources including miners’ reserves, German regulatory actions, the U.S. government’s holdings, and net ETF outflows.
In the near term, market pundits are forecasting a bullish reversal as the cryptocurrency’s adoption trajectory continues to climb. Institutional investors, in particular, have been leading the charge, buoyed by the ETF’s approval, which has signaled a shift in regulatory attitudes. Additionally, the ongoing U.S. presidential race is expected to exert influence on Bitcoin’s pricing dynamics.
**U.S. Presidential Race’s Impact on Bitcoin Valuations**
Presidential hopeful Donald Trump has openly declared his support for the cryptocurrency sector, pledging to foster its growth should he emerge victorious. A Trump administration is anticipated to introduce crypto-friendly policies, thereby nurturing 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, the founder of Kraken, have contributed to Trump’s campaign.
Analysts at Standard Chartered have highlighted in a recent report that Bitcoin’s ascent to $100,000 hinges on Joe Biden maintaining his position as Trump’s adversary. The latest presidential debate saw Biden underperform, while Trump was deemed the victor, sparking conjecture that Biden might be defeated by Trump in the upcoming elections. There is also speculation that the Democrats might nominate a fresh candidate.
Brace yourselves!
@StanChart
foresees
#Bitcoin
skyrocketing to $100,000 by November, propelled by the electoral climate and prevailing market movements. With BTC having touched $73,000 earlier this year, this bullish prediction hints at the potential for a substantial upswing.
pic.twitter.com/kQXE99M45W
— Collin Brown (@CollinBrownXRP)
July 3, 2024
Bank analyst Kendrick has opined that if the Democrats nominate a credible alternative to Biden, “Bitcoin prices might remain subdued.” However, should Biden continue as the nominee, Bitcoin represents “an exceptional investment opportunity.”
Kendrick has also underscored August as a pivotal month, remarking:
This is the deadline for presidential candidates to register in Ohio. Thus, if Biden remains the Democratic contender on August 4, he will retain that status into the first week of November.
The bank posits that a Trump victory, coupled with a Biden candidacy, would enhance regulatory frameworks and mining operations. Conversely, if Biden withdraws from the race in late July, it could jeopardize the $50,000 price objective.
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