StandardChartered’shead of forex and digital assets research predicts Bitcoin could reach$100,000by the US presidential election inNovember,depending on politicaldevelopments.
Points
- Bitcoincouldreach$100,000bytheUSpresidentialelection.
- ThepredictionhingesonJoeBidenremaininginthepresidentialrace.
- IfBidenremains,themarketmayfavoraDonaldTrumpvictory,viewedasBitcoin-positive.
- Bitcoincouldplungeto$50,000ifBidendropsoutoftherace.
- Technicalindicatorsshowpotentialforsignificantpricemovements.
Bitcoin’sprice is down slightly in the past24hours,trading at$60,342as of10:30a.m.EST,with trading volume surging16%.Despite thisdrop,traders remain optimistic as Bitcoin approaches a critical supportlevel.
Standard CharteredBank’shead of forex and digital assetsresearch,GeoffreyKendrick,shares thisoptimism.He predicts that Bitcoin could record a newall-timehigh inAugust,potentially reaching as high as$100,000by the time of the US presidential election inNovember.
However,Kendrick’sprediction depends on Joe Biden remaining in the presidentialrace.If Biden is still the Democratic nominee by August4,the market may favor a Donald Trump victory inNovember.Trump is perceived as”Bitcoin-positive,“and there is a noted correlation between his electoral odds andBitcoin’sprice.
Conversely,if Biden drops out of therace,Bitcoin could plunge to$50,000.The Bitcoin price is currently testing the critical support at$60,227,earmarked by the78.6%Fibonacci retracementlevel.The next24hours will be crucial for thecryptocurrency.
If this support levelholds,Bitcoin could bounce back andrecover.However,the Relative Strength Index（RSI）suggests potential furtherlosses,as it is below the50threshold.The Moving Average Convergence Divergence（MACD）is also in negativeterritory,indicating that bears have the upper hand in the shortterm.
解説
- Bitcoin’spricepredictionsareheavilyinfluencedbypoliticaldevelopments,highlightingtheinterconnectednessoffinancialmarketsandglobalevents.
- TechnicalindicatorsliketheFibonacciretracementlevel,RSI,andMACDprovidevaluableinsightsintopotentialpricemovements.
- Tradersshouldwatchforsignsofbuyermomentumandsignificantsupportlevelstoanticipatepossiblerecoveries.
- Understandingtheimpactofpoliticalfiguresonmarketsentimentcanhelpinvestorsmakemoreinformeddecisions.