Standard Chartered Bank forecasts Bitcoin to reach a new all-time high by August and then climb to $100,000 by November. Geoffrey Kendrick, the bank’s head of digital asset research, outlines that the target can be achieved by the time the US election approaches.

The market perceives Biden’s ongoing candidacy as beneficial for Donald Trump’s chances. The bank suggests that Trump’s potential return to the presidency will be favorable for Bitcoin’s price, under speculations that both regulation and mining will be viewed more positively under Trump. Moreover, if Biden exits the race in late July, it could hurt Bitcoin’s price. Bitcoin’s current peak of over $73,000.

This surge is largely driven by the approval of Spot Bitcoin ETFs in January and Bitcoin halving on April 19. The upcoming US Presidential election is now expected to be a significant factor that could further elevate Bitcoin’s price.

Price insights

According to Standard Chartered analysts, Bitcoin could fall to between $50,000 and $55,000 if Biden withdraws. Kendrick noted that if the Democratic candidate replacing Biden is highly credible, Bitcoin prices will remain subdued. Conversely, if Biden stays in the race, Bitcoin could offer a great buying opportunity to investors. If Biden remains the Democratic nominee on August 4, he will be on the ballot in early November.

Moreover, Standard Chartered predicts Bitcoin could reach $250,000 by 2025, stabilizing around $200,000 afterward, and has revised its 2024 forecast from $100,000 to $150,000 based on an analysis comparing Bitcoin’s price movements to those of gold after the introduction of gold ETFs in the U.S.

Standard Chartered to launch Bitcoin and Ethereum trading desk

In addition to their Bitcoin price forecasts, Standard Chartered is reportedly preparing to launch a Bitcoin (BTC) and Ethereum (ETH) trading desk in London. As reported last week by Cryptopolitan, the financial services giant is entering the spot market for crypto trading.

Standard Chartered outlined that they have been collaborating closely with their regulators to support the demand from their institutional clients to trade Bitcoin and Ethereum, aligning with their strategy to assist clients across the broader digital asset ecosystem, from access and custody to tokenization and interoperability. The new trading desk will be part of the bank’s foreign exchange trading service. Last year, Standard Chartered launched Libeara, a blockchain platform designed to help companies with real-world asset tokenization.

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