A leading analyst at Standard Chartered Bank, Geoffrey Kendrick, has predicted that Bitcoin will reach a new all-time high in August, with a forecasted value of at least $100,000 by U.S. election day.
He previously made a similar prediction in March, anticipating that Bitcoin’s price would hit $150,000 by the end of 2024. Additionally, Kendrick expects Bitcoin to peak at $250,000 next year before stabilizing at around $200,000.
However, Kendrick’s forecast depends on Joe Biden remaining in the U.S. presidential race; should this change, market sentiment may shift toward a favorable outlook for pro-Bitcoin candidate Donald Trump.
Trump’s victory to prop up Bitcoin
Standard Chartered Bank’s head of forex and digital assets research believes there is a positive correlation between the price of Bitcoin and Trump’s electoral odds.
He suggests the Trump administration would likely support Bitcoin mining and regulation more. However, the analyst from Standard Chartered deems it highly unlikely that Bitcoin could drop to as low as $50,000-$55,000 if Biden were to drop out of the election race.
As of this writing, Bitcoin is trading at $60,539. The short-term forecast indicates a bearish trend, with the oscillators showing a sell signal and the moving averages suggesting a strong sell.
Solana is recovering with a bullish outlook
Solana has been showing strong signs of recovery in the past few days, and it’s currently the only cryptocurrency in the top 5 performing well. The latest data indicates that Solana’s decentralized finance (DeFi) network has experienced an 11% increase in total value locked (TVL) over the past week, reaching a value of over $4.5 billion.
The outlook for the SOL token looks positive, with the next important point to monitor being $163.
BONK technicals indicate a favorable price swing in July
BONK, a prominent meme coin on the Solana blockchain, reached its highest value since mid-June yesterday. Although it experienced a minor drop today, there’s potential for further growth.
The coin’s spot trading volumes have doubled recently, signaling increased interest from retail investors. As per TradingView data, Bonk’s declining moving averages and mid-level RSI indicate the possibility of a positive price swing in July.
