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Standard Chartered analyst Geoff Kendrick expects bitcoin to reach $100,000 ahead of this year’s US presidential election. The analyst also noted that if Friday’s US Nonfarm Payrolls data is “positive”, the bitcoin price could reach a new record high over the weekend.
Standard Chartered predicts that the Bitcoin price could rise to $100,000 ahead of the US presidential election in November.
“As we get closer to the US election, I expect to see $100,000 reached and $150,000 by the end of the year in the event of a Trump victory,” Geoffrey Kendrick, head of forex and digital asset research at Standard Chartered Bank, said in an email to The Block on Thursday. in the mail. “The Biden administration showed pragmatism in approving spot ether ETFs, but then vetoed efforts to repeal SAB 121. So Trump is friendlier than Biden,” Kendrick added.
Drawing attention to tomorrow’s Non-Farm Employment data, the Standard Chartered analyst stated that if these data are “positive”, he expects the bitcoin price to reach a new record level over the weekend. “This will pave the way for $80,000 by the end of June,” he said.
Kendrick added that he maintained his year-end price forecast at $150,000 and his end-2025 forecast at $200,000.
“Specifically, a price of $150,000 by the end of 2024 would see bitcoin join the $3 trillion market cap that NVDA reached yesterday,” he said.
According to data, Bitcoin has trended sideways over the last 24 hours and is currently trading at $70,979.
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