Benzinga - by Murtuza Merchant, Benzinga Staff Writer.
Standard Chartered has forecasted a significant rise in Bitcoin‘s (CRYPTO: BTC) price, potentially reaching $100,000 as the U.S. presidential election approaches in November.
What Happened: Geoffrey Kendrick, head of forex and digital assets research at Standard Chartered, shared these projections in an email to The Block on Thursday.
“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,” Kendrick stated.
He pointed out the Biden administration’s recent approval of spot Ethereum ETFs as a sign of pragmatism but noted that Biden’s veto of efforts to repeal SAB 121 still positions Trump as the more crypto-friendly candidate.
Kendrick highlighted the upcoming Non-Farm Payrolls data, suggesting that favorable numbers could propel Bitcoin to a new all-time high over the weekend.
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“This would open the way for $80,000 by end-June,” he predicted.
Sticking with his bullish outlook, Kendrick reiterated his year-end target of $150,000 and an ambitious forecast of $200,000 by the end of 2025 for Bitcoin.
He emphasized that a $150,000 price would place Bitcoin’s market cap at $3 trillion, comparable to NVIDIA’s recent milestone.
Currently, Bitcoin is trading flat over the past 24 hours at $71,010, according to Benzinga Pro data.
What’s Next: These insights and other developments in the digital asset space will be discussed at the Benzinga Future of Digital Assets event on Nov. 19, where industry leaders will delve into the evolving market dynamics and regulatory landscape.
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