Bitcoin's price could reach a new all-time high in August and potentially climb to $100,000 during the U.S. presidential election in November, a Standard Chartered Bank analysis says.
Geoffrey Kendrick, Standard Chartered Bank's head of forex and digital assets research, said Bitcoin was likely to hit $100,000 by U.S. election day.
Bitcoin reached $73,700 in March this year. Since then, it has been trading within a range of $59,000 to $72,000.
Mr. Kendrick's forecast depends on Joe Biden remaining in the presidential race, a scenario the market believes would favor a Donald Trump victory.
He considers Trump `bitcoin-positive' and noted a positive correlation between the former president's electoral prospects and the price of Bitcoin.
"The logic here is that both regulation and mining would be looked at more favourably under Trump," the analyst said.
He considered a `least likely' scenario where Mr. Biden withdraws from the presidential election race in late July, suggesting that this could cause Bitcoin prices to dip to $50,000-$55,000.
"Notably, a $1,50,000 price by end-2024 would see bitcoin join the $3 trillion club in terms of market cap," he said.
Several other cryptocurrencies were also experiencing declines. Ethereum, the second-most valued digital asset, was trading at $3,308.98, down 3.13 percent, while Tether remained flat at $1.