Bitcoin Expected to Reach Record High in August, Projected to Soar to $100,000: Financial Institution

Bitcoin’s value is anticipated to surge to record levels in the coming months, with projections suggesting it could hit $100,000 around the time of the U.S. presidential election. Standard Chartered, as reported by various media outlets, has put forth this optimistic forecast.

Geoffrey Kendrick, who heads forex and digital assets research at Standard Chartered Bank, expressed confidence in Bitcoin’s potential to achieve a new peak in August and potentially reach the $100,000 mark by the time of the U.S. election.

Earlier this year, Bitcoin achieved an all-time high of $73,700 in March. Subsequently, it has been fluctuating within a range of $59,000 to $72,000.

The realization of Kendrick’s projections is contingent upon Joe Biden remaining a contender in the presidential race, a scenario that the market believes would bode well for a Donald Trump victory.

In Kendrick’s view, Trump’s presidency is viewed as favorable for Bitcoin, with a positive correlation observed between the former president’s electoral prospects and Bitcoin’s price. He highlighted the potential for more favorable perspectives on regulation and mining under a Trump administration.

Kendrick also outlined a scenario considered to be the least likely, where Biden withdraws from the presidential race in late July. In such an event, Bitcoin prices could potentially dip to the range of $50,000 to $55,000.

Looking ahead, Kendrick speculated that if Bitcoin were to reach $150,000 by the end of 2024, it would elevate the cryptocurrency into the elite “$3 trillion club” in terms of market capitalization. This milestone would position Bitcoin alongside NVDA, which recently attained a $3 trillion market cap.

Recent market movements have seen Bitcoin experience a slight decline on July 3, attributed to reports of the trading platform Robinhood’s plans to introduce crypto futures in the U.S. and Europe. Bitcoin’s value dropped over three percent, with the leading cryptocurrency trading at $60,283.8, marking a 2.83 percent decrease from previous levels.

In tandem with Bitcoin’s decline, other cryptocurrencies also faced downward trends. Ethereum, the second most valuable digital asset, saw a decrease to $3,308.98, down by 3.13 percent, while Tether remained stable at $1.