2024-6-8 22:01 |
Major financial institution Standard Chartered has predicted that Bitcoin could reach as high as $100k before the US presidential elections and would continue to $150k if Donald Trump is elected. This bold price projection from a major bank shows how bullish big financial giants are on the premier crypto asset.
Geoff Kendrick, the head of digital assets research at Standard Chartered, made the prediction. He stated:
“As we approach the U.S. election I expect $100,000 to be reached and then $150,000 by year-end in the case of a Trump victory,”
Is this Prediction Realistic?The prediction is well within the range of major claims made by financial institutions and crypto analysts.
According to most estimates, Bitcoin is set to reach anywhere between $100,000 and $300,000 by the end of this bull market.
However, Standard Chartered’s projection is more precise. It believes that the digital currency will reach $100,000 before the US election on November 6 later this year.
Is Trump Better for Crypto?Donald Trump is courting crypto users big time right now. The 45th American president knows that tens of millions of American citizens now own Bitcoin or are involved in the crypto economy. He is promising tax breaks and less regulation for the crypto economy, and he is painting Democrats as enemies of the digital currency revolution who want to ban it entirely.
The message resonates with some crypto users, at least, as many top Democrats are openly campaigning for more crypto regulation and taxation. However, Trump took an anti-Bitcoin stance during his 2016-2020 presidency, and it remains to be seen what he will be able to achieve on the ground if elected.
The $100k prediction before the US elections is realistic as well. The US is at the end of its liquidity crunch cycle, and interest rates are expected to be cut soon. Here is the country’s liquidity cycle:
The US elections are also likely to impact the Bitcoin price index, as during this volatile period, investors are rushing to convert their investments into safe havens.
Bitcoin is locked in a battle just above the $70k price level. The bulls appear to be working hard to post a new All-Time High (ATH) above $73.5k shortly, and if they can achieve it, the coveted $100,000 price target won’t feel so far away as it does right now.
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