In a bold prediction, Jeff Kendrick, head of digital assets research at Standard Chartered Bank, said this is what… And he expected Bitcoin may rise to $150,000 if Donald Trump wins the upcoming US presidential elections. “As we approach the US elections, I expect to reach $100,000 and then $150,000 by the end of the year if Trump wins,” Kendrick said.
just in: #Bitcoin To reach $150,000 if Donald Trump wins the presidency, says Standard Chartered Bank. pic.twitter.com/4Kaq4P0BRf
– Bitcoin Magazine (@BitcoinMagazine) June 6, 2024
This prediction comes amid a backdrop of economic indicators and political developments affecting the Bitcoin market. Kendrick stressed that the next important driver for Bitcoin price will be the US elections.
Kendrick also noted that Bitcoin could reach a new record over the weekend if the non-farm payrolls report, which will be released on Friday, is favorable. Bitcoin's current all-time high, set on March 14, is at $73,770. He noted that the positive jobs report could pave the way for Bitcoin to reach $80,000 later this month.
The forecast underscores the significant impact that political developments can have on the Bitcoin market. With over 50 million Bitcoin and cryptocurrency holders in the United States, the outcome of the presidential election is expected to play a crucial role in shaping Bitcoin's future.