Bitcoin Forecast: Potential to Reach New All-Time High
Bitcoin has the potential to reach a new all-time high already in August and then could rise to a record-breaking $100,000 by the US presidential elections in November. This optimistic forecast was presented by analysts at Standard Chartered, as reported by The Block.
The Impact of Political Prospects on Bitcoin Prices
This scenario depends on the political prospects of Joe Biden in the upcoming presidential race. According to experts, Biden’s continued participation in the elections would contribute to more favorable conditions for the cryptocurrency market, as his victory could be supported by the possibility of Donald Trump’s election, who is known for his support of digital gold.
If the Republican candidate wins, both cryptocurrency regulation and mining will be viewed more positively. In this case, Bitcoin will provide an exceptional investment opportunity,» the Standard Chartered report stated.
Possible Scenarios for Bitcoin Prices
However, if Biden loses his position by the end of July, experts believe that the price of Bitcoin could drop to $50,000-$55,000. Analysts also noted that replacing Biden with a «reliable» candidate, such as Michelle Obama, could lead to the stabilization of the first cryptocurrency’s quotes at current levels.
Standard Chartered analysts emphasize that August 4 will be a key moment — the deadline for candidate registration in the state of Ohio. If significant changes do not occur before this date, it is unlikely that they will happen before November, they added.
Predictions for the Third Quarter and Beyond
Earlier, CryptoQuant also predicted that the third quarter of this year could be a time for a resurgence in the cryptocurrency market rally.
It is worth noting that the possibility of Bitcoin reaching $100,000 in November was first mentioned by Standard Chartered experts back in June. In the same month, Bloomberg reported on plans to establish a trading unit that will be involved in spot market trading of the first and second cryptocurrencies. These steps underline the growing interest and confidence in the cryptocurrency sector and its potential in the near future.
