Bitcoin Price Prediction: Standard Chartered Forecasts $100,000 Target for 2021

Standard Chartered Bank, a prominent $820 billion asset manager, has put forward a bold prediction regarding Bitcoin’s price trajectory. According to the bank’s head of digital asset research, Geoffrey Kendrick, Bitcoin could potentially soar to a new all-time high by August and subsequently reach an impressive $100,000 mark by November, coinciding with the US Election.

The current pinnacle for the leading cryptocurrency stands at over $73,000, achieved in March this year following the approval of Spot Bitcoin ETFs in January. Now, market analysts suggest that the upcoming US Presidential race might serve as a significant catalyst for Bitcoin to experience a substantial uptrend.

Standard Chartered Bank recently released a report forecasting Bitcoin’s surge to the $100,000 price level within this year. Despite a recent downtrend in its price over the past few months, the prediction indicates a bullish outlook for the digital asset, projecting it to surpass its current peak by August.

Kendrick emphasized the importance of Joe Biden’s continued presence in the presidential race for Bitcoin’s price dynamics. The bank’s analysis suggests that Biden’s candidacy benefits Donald Trump’s prospects, potentially leading to a positive impact on Bitcoin’s valuation. The rationale behind this theory lies in the anticipated favorable view towards regulation and mining under a Trump administration. However, the report also highlights that Biden’s potential withdrawal from the race in late July could have adverse effects on Bitcoin’s price trajectory.

In the event of Biden stepping down, Standard Chartered Analysts foresee Bitcoin’s price falling within the range of $50,000 to $55,000. Kendrick further elaborated that if a credible Democratic candidate replaces Biden, Bitcoin prices might remain subdued. Conversely, should Biden persist in the election race, it could present an excellent buying opportunity for Bitcoin investors.

The timeline leading up to early August holds significance in determining the course of Biden’s candidacy. Ohio law mandates that presidential candidates must be registered by this date. Therefore, if Biden remains the Democratic nominee by August 4, his status as the nominee will likely persist into the first week of November, as noted by Kendrick.

Overall, Standard Chartered Bank’s projections underscore the intricate interplay between political developments and Bitcoin’s price movements, highlighting the potential impact of the US Election on the cryptocurrency’s valuation. As the digital asset market continues to evolve, market participants keenly observe the unfolding dynamics shaping Bitcoin’s future trajectory.