Jeffrey Kendrick: Bitcoin will reach a new historical high in August

Geoffrey Kendrick, a senior executive at Standard Chartered, predicts that the price of bitcoin will reach a new all-time high in August and exceed $ 100,000 after the US presidential election in November 2024.

The head of FX and Digital Asset Research at Standard Chartered noted that the market is closely following the US presidential election, and its results could have a significant impact on the cryptocurrency market.

Kendrick believes that if Donald Trump wins the election, the regulation of mining and the cryptocurrency industry in general will be more liberal than under the current Joe Biden administration. At the same time, if Joe Biden drops out of the race in July, the bitcoin rate could fall to $ 50,000.

Kendrick also added that investments in spot bitcoin ETFs will continue, and investor interest in these products will remain high. Standard Chartered Corporation has launched a department for trading bitcoin BTC $62,141.46 Bitcoin -0.18% Market capitalization $1.23 trillion VOL. 24 hours $0.41 billion and ethereum ETH $2,432.03 Bridged Ether (StarkGate) 0.42% Market capitalization $0.18 billion VOL. 24 hours $0.22 billion on the spot market.

As a reminder, Tom Lee, managing partner and head of research at Fundstrat Global Advisors, believes that bitcoin BTC $62,141.46 Bitcoin -0.18% Market capitalization $1.23 trillion VOL. 24 hours $0.41 billion will end the year «at a high level.» In a new interview with CNBC, Lee said that the market’s flagship could reach $ 150,000 in 2024, which is more than 137% more than its current value.