Standard Chartered has released its predictions for Bitcoin. It has projected a new ATH for the flagship cryptocurrency in August, with a high of $100,000 by the end of November. BTC could end December at as high as $150,000. Most of it is in line with the ongoing political scenario in the US.
The chances of Joe Biden returning to the chair are reportedly minimal. That leaves Donald Trump to take office. The former US President has declared himself Crypto President to show support for the market. He had previously announced that he was accepting cryptocurrency donations for his campaigns. That act worked, and some notable personalities ended up making their contributions. This includes Jesse Powell, the founder of Kraken, and the Winklevoss Twins, the co-founders of Gemini.
Trump has expressed his support for ending policies that put down digital tokens and has pledged to back Bitcoin mining. Crypto enthusiasts have duly noted all these commitments, sparking speculation that BTC could soon hit an ATH. Trump’s victory in the presidential elections would fuel this surge.
Kendrick said that regulation and mining would be considered more favorable under the leadership of Donald Trump.
BTC could still hit a low of $50,000–$55,000 in the days to come. A rebound will later enter the picture to align with near-term BTC predictions. The next 30 days are likely to see a surge of 35.16% for BTC to reach $82,202 amid the volatility of 4.99% and the 14-day RSI of 41.90. Overall sentiments are bearish, waiting to transition to neutral in the next 5 days. The FGI has awarded 50 points to the token for the neutral stand.
Although it’s less certain, the approval of the Spot Ether ETF could potentially impact Bitcoin. It will likely encourage traders and investors to divert their funds to ETH for a while. Plus, there is no news about rate cuts by the Federal Reserve. Adding to that is the concern that inflation will come back.
Inflation may barely touch the surface, but concerns are on the books anyway.
The current listed price is $60,517.09, down 3.27% in the last 24 hours, 1.45% in the last 7 days, and 12.38% in the last 30 days. At press time, the 24-hour reading volume was up 5.33%.
BTC is expected to rebound, and the Standard Chartered report strengthens this expectation. Its alignment with near-term predictions works well.
The coming days are crucial for Bitcoin, especially with the ongoing political scenario and chances of approval for the Spot Bitcoin ETF by the US Securities & Exchange Commission. The community can expect a better picture by the end of July 2024.