- Customary Chartered has doubled down on its $100,000 value prediction for Bitcoin (BTC) by November 2024.
- This prediction is backed by ETF inflows, the Bitcoin halving, regulatory modifications, and on-chain metrics that reveal rising adoption.
Monetary large Customary Chartered has backed the $100,000 price ticket for Bitcoin (BTC) earlier than the top of the yr. The $820 billion asset supervisor believes BTC may mark a brand new all-time excessive in August earlier than reaching over $100,000 by November.
Bitcoin’s all-time excessive at present stands at $73,000, reached in March, simply weeks after the launch of the primary Bitcoin spot ETF. With the funding product attracting billions rapidly, demand for Bitcoin reached a brand new excessive. This was coupled with the hype across the April Bitcoin halving, traditionally resulting in a value surge.
Importantly, with the success of the halving, BTC has rallied months after the halving to succeed in a brand new all-time excessive.
On the time of writing, BTC is buying and selling for $60,420 after a 2.3% drop within the final 24 hours. Earlier, Bitcoin momentarily dropped beneath this assist place, risking a drop to the $50,000 degree. Specialists have speculated that the digital asset has come underneath intense promoting strain. This consists of the miners’ stash, German authorities, the U.S. authorities, and internet ETF outflows.
Within the coming weeks, consultants anticipate a value reversal as adoption for the asset rises. Institutional buyers have been on the forefront after the approval of the ETF signaled a change in regulatory coverage. The U.S. presidential race has additionally influenced costs.
U.S. Presidential Race to Affect Bitcoin Costs
Presidential candidate Donald Trump has already expressed his curiosity within the crypto trade and vowed assist if he wins the race. A Trump win may result in pleasant crypto insurance policies selling the trade’s development. Consequently, the Winklevoss brothers, founders of Gemini crypto change, and Kraken founder Jesse Powell have donated to the marketing campaign.
Customary Chartered analysts famous in a latest report that Bitcoin’s reaching $100,000 will depend on Joe Biden remaining the challenger to Trump. Within the latest presidential debate, Biden faired poorly whereas Trump emerged because the winner, resulting in hypothesis that Biden would lose to Trump within the polls. Nonetheless, it’s speculated that the Democrats may entrance a brand new candidate.
Maintain on tight! @StanChart predicts #Bitcoin may soar to $100,000 by November, fueled by election dynamics and up to date market developments. With BTC hitting $73,000 earlier this yr, this bullish forecast suggests potential for a big rally. pic.twitter.com/kQXE99M45W
— Collin Brown (@CollinBrownXRP) July 3, 2024
Financial institution analyst Kendrick mentioned if the Democratic candidate who replaces Biden has some credibility, “Bitcoin costs will keep delicate.” However Biden’s remaining within the election leaves Bitcoin as “a unbelievable shopping for alternative.”
The analyst has additional highlighted August as a crucial month, stating:
That is the date at which Ohio legislation requires presidential candidates to be registered. So, if Biden remains to be the Democratic nominee on August 4 he can be so within the first week of November,
The financial institution believes {that a} Trump win, supported by a Biden ticket, will bolster regulation and mining. If Biden drops out of the race in late July, this might danger a $50,000 value goal.
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- Customary Chartered has doubled down on its $100,000 value prediction for Bitcoin (BTC) by November 2024.
- This prediction is backed by ETF inflows, the Bitcoin halving, regulatory modifications, and on-chain metrics that reveal rising adoption.
Monetary large Customary Chartered has backed the $100,000 price ticket for Bitcoin (BTC) earlier than the top of the yr. The $820 billion asset supervisor believes BTC may mark a brand new all-time excessive in August earlier than reaching over $100,000 by November.
Bitcoin’s all-time excessive at present stands at $73,000, reached in March, simply weeks after the launch of the primary Bitcoin spot ETF. With the funding product attracting billions rapidly, demand for Bitcoin reached a brand new excessive. This was coupled with the hype across the April Bitcoin halving, traditionally resulting in a value surge.
Importantly, with the success of the halving, BTC has rallied months after the halving to succeed in a brand new all-time excessive.
On the time of writing, BTC is buying and selling for $60,420 after a 2.3% drop within the final 24 hours. Earlier, Bitcoin momentarily dropped beneath this assist place, risking a drop to the $50,000 degree. Specialists have speculated that the digital asset has come underneath intense promoting strain. This consists of the miners’ stash, German authorities, the U.S. authorities, and internet ETF outflows.
Within the coming weeks, consultants anticipate a value reversal as adoption for the asset rises. Institutional buyers have been on the forefront after the approval of the ETF signaled a change in regulatory coverage. The U.S. presidential race has additionally influenced costs.
U.S. Presidential Race to Affect Bitcoin Costs
Presidential candidate Donald Trump has already expressed his curiosity within the crypto trade and vowed assist if he wins the race. A Trump win may result in pleasant crypto insurance policies selling the trade’s development. Consequently, the Winklevoss brothers, founders of Gemini crypto change, and Kraken founder Jesse Powell have donated to the marketing campaign.
Customary Chartered analysts famous in a latest report that Bitcoin’s reaching $100,000 will depend on Joe Biden remaining the challenger to Trump. Within the latest presidential debate, Biden faired poorly whereas Trump emerged because the winner, resulting in hypothesis that Biden would lose to Trump within the polls. Nonetheless, it’s speculated that the Democrats may entrance a brand new candidate.
Maintain on tight! @StanChart predicts #Bitcoin may soar to $100,000 by November, fueled by election dynamics and up to date market developments. With BTC hitting $73,000 earlier this yr, this bullish forecast suggests potential for a big rally. pic.twitter.com/kQXE99M45W
— Collin Brown (@CollinBrownXRP) July 3, 2024
Financial institution analyst Kendrick mentioned if the Democratic candidate who replaces Biden has some credibility, “Bitcoin costs will keep delicate.” However Biden’s remaining within the election leaves Bitcoin as “a unbelievable shopping for alternative.”
The analyst has additional highlighted August as a crucial month, stating:
That is the date at which Ohio legislation requires presidential candidates to be registered. So, if Biden remains to be the Democratic nominee on August 4 he can be so within the first week of November,
The financial institution believes {that a} Trump win, supported by a Biden ticket, will bolster regulation and mining. If Biden drops out of the race in late July, this might danger a $50,000 value goal.
Beneficial for you:
No spam, no lies, solely insights. You possibly can unsubscribe at any time.
Summary:
Monetary giant Customary Chartered has reaffirmed its prediction that Bitcoin (BTC) will reach $100,000 by November 2024, with a potential new all-time high in August. This optimistic forecast is driven by several factors including ETF inflows, the Bitcoin halving, regulatory changes, and increased adoption as indicated by on-chain metrics.
Currently, Bitcoin’s all-time high stands at $73,000, reached in March following the launch of the first Bitcoin spot ETF. At the time of writing, BTC is trading at $60,420, having recently experienced a 2.3% drop. Analysts foresee a price reversal as institutional adoption grows, spurred by ETF approvals and evolving regulatory policies.
The upcoming U.S. presidential race is also expected to impact Bitcoin prices. Donald Trump’s potential win and his supportive stance towards the crypto industry could drive positive market sentiment. Conversely, if Joe Biden remains the Democratic candidate, Bitcoin could present a buying opportunity due to market uncertainty. Analysts highlight August as a critical month for determining the Democratic nominee, which will influence Bitcoin’s price trajectory.
Overall, Customary Chartered’s analysts believe that a Trump victory, with Biden as the challenger, will support Bitcoin’s ascent to $100,000, while Biden dropping out could pose a risk to this target.