After a bearish start to July, could Bitcoin (BTC) peak in August? That’s according to analysts at Standard Chartered Bank. What do they predict in terms of price?
Could Bitcoin Hit a New All-Time High in August?
Standard Chartered Bank often stands out for its positive forecasts regarding the Bitcoin price. And this summer, optimism is once again in vogue, since the institution is betting on a very clear rise in the price of BTC.
Last Tuesday, the bank's head of forex and digital assets, Geoffrey Kendrick, thus confirmed the roadmap that it considers probable, with an “all time high” (ATH) in sight :
“A new all-time high in August is likely, followed by a price of $100,000 by the US elections.»
💡 How to buy Bitcoin (BTC) easily? Find our complete 2024 guide
According to Geoffrey Kendrick, This scenario would be likely if candidates Joe Biden and Donald Trump remain in the race.e. At this point, the latter is indeed given the winner, and his election is considered beneficial to the cryptocurrency markets by Standard Chartered.
Conversely, if Joe Biden were to drop out of the presidential race due to health problems, it would have the opposite effect on the price, according to the analyst. In this case, BTC price could return to levels around $50,000 to $55,000.
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The target of $200,000 in 2025 maintained
However, these are just conjectures, and the scenarios may change between now and November 5, when the elections will take place in the United States. As a reminder, Standard Chartered Bank estimates Bitcoin price will reach $150,000 by the end of 2024and $200,000 by the end of 2025.
👉 Also in the news – Time to take stock of Bitcoin spot ETFs: what have they changed in the BTC market?
In recent weeks, the BTC price has been rather hesitant. Over the last 30 days, it has lost -11%. and is currently hovering around the psychological threshold of $60,000Its last all-time high of $73,737 was reached four months ago.
Cryptoast Research: Don't Spoil This Bull Run, Surround Yourself With Experts
Source: The Block, CoinGecko
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A journalist at Cryptoast since 2017, I am passionate about the issues of decentralization, privacy and regulation. I specialize in traditional economics and finance, analyzing how news from this sector influences the cryptocurrency sector, offering a unique and informed perspective to Cryptoast readers.
Marine Debelloir
3023 articles
