Key Points
- Standard Chartered predicts Bitcoin’s price could reach $100,000 before the U.S. elections and $150,000 by year-end.
- Geoffrey Kendrick, head of Standard Chartered’s forex and digital assets research, expects Bitcoin’s market cap could join the $3 trillion club by end-2024.
Standard Chartered has projected that the price of Bitcoin could surge to $100,000 prior to the upcoming U.S. presidential election. Geoffrey Kendrick, who heads the bank’s foreign exchange and digital assets research, shared this forecast.
Bitcoin Price Forecast
In the event of a win by Trump in the elections, Kendrick anticipates that Bitcoin’s price could further rise to $150,000 by the end of the year. He stated, “The Biden administration showed pragmatism in approving the spot ether ETFs, but Biden vetoed efforts to repeal SAB 121. So Trump is still more friendly than Biden.”
Kendrick also highlighted the upcoming Non-Farm Payrolls data. He believes that if the data is favorable, Bitcoin’s price could reach a new all-time high over the weekend, potentially hitting $80,000 by the end of June.
Long-Term Bitcoin Predictions
Kendrick maintains his previous prediction that Bitcoin’s price will reach $150,000 by year-end and $200,000 by the end of 2025. He noted, “A $150,000 price by end-2024 would see Bitcoin join the $3 trillion club in terms of market cap, following NVDA’s $3 trillion market cap which was reached yesterday.”
As of the time of writing, Bitcoin has remained steady over the past 24 hours and is currently trading at $70,979.
