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- Standard Chartered has doubled down on its $100,000 price prediction for Bitcoin (BTC) by November 2024.
- This prediction is backed by ETF inflows, the Bitcoin halving, regulatory changes, and on-chain metrics that reveal growing adoption.
Financial giant Standard Chartered has backed the $100,000 price tag for Bitcoin (BTC) before the end of the year. The $820 billion asset manager believes BTC could mark a new all-time high in August before reaching over $100,000 by November.
Bitcoin’s all-time high currently stands at $73,000, reached in March, just weeks after the launch of the first Bitcoin spot ETF. With the investment product attracting billions quickly, demand for Bitcoin reached a new high. This was coupled with the hype around the April Bitcoin halving, historically leading to a price surge.
Importantly, with the success of the halving, BTC has rallied months after the halving to reach a new all-time high.
At the time of writing, BTC is trading for $60,420 after a 2.3% drop in the last 24 hours. Earlier, Bitcoin momentarily dropped below this support position, risking a drop to the $50,000 level. Experts have speculated that the digital asset has come under intense selling pressure. This includes the miners’ stash, German authorities, the U.S. government, and net ETF outflows.
No coins selectedIn the coming weeks, experts anticipate a price reversal as adoption for the asset rises. Institutional investors have been at the forefront after the approval of the ETF signaled a change in regulatory policy. The U.S. presidential race has also influenced prices.
U.S. Presidential Race to Influence Bitcoin Prices
Presidential candidate Donald Trump has already expressed his interest in the crypto industry and vowed support if he wins the race. A Trump win could lead to friendly crypto policies promoting the industry’s growth. Consequently, the Winklevoss brothers, founders of Gemini crypto exchange, and Kraken founder Jesse Powell have donated to the campaign.
Standard Chartered analysts noted in a recent report that Bitcoin’s reaching $100,000 depends on Joe Biden remaining the challenger to Trump. In the recent presidential debate, Biden faired poorly while Trump emerged as the winner, leading to speculation that Biden would lose to Trump in the polls. However, it is speculated that the Democrats could front a new candidate.
🚀 Hold on tight! @StanChart predicts #Bitcoin could soar to $100,000 by November, fueled by election dynamics and recent market trends. With BTC hitting $73,000 earlier this year, this bullish forecast suggests potential for a significant rally. 📈💥 pic.twitter.com/kQXE99M45W
— Collin Brown (@CollinBrownXRP) July 3, 2024
Bank analyst Kendrick said if the Democratic candidate who replaces Biden has some credibility, “Bitcoin prices will stay soft.” But Biden’s remaining in the election leaves Bitcoin as “a fantastic buying opportunity.”
The analyst has further highlighted August as a critical month, stating:
This is the date at which Ohio law requires presidential candidates to be registered. So, if Biden is still the Democratic nominee on August 4 he will be so in the first week of November,
The bank believes that a Trump win, supported by a Biden ticket, will bolster regulation and mining. If Biden drops out of the race in late July, this could risk a $50,000 price target.
