Standard Chartered forecasts a new all-time high for Bitcoin in August, with a potential surge to $100,000 by the U.S. presidential election in November. Geoffrey Kendrick, the bank’s head of forex and digital assets research, predicts a favorable scenario if Joe Biden remains in the race, indirectly boosting Bitcoin prices due to perceived positive impacts from a potential Donald Trump victory.

Kendrick highlights a positive correlation between Trump’s electoral chances and Bitcoin prices, noting that under Trump’s administration, regulation and mining would likely receive more favorable treatment. He also mentions an alternative, less likely scenario where Biden withdraws from the race, causing Bitcoin prices to dip to $50,000-$55,000, with prices staying soft if a strong Democratic candidate, like Michelle Obama, steps in.

In early June, Kendrick reiterated his year-end Bitcoin price prediction of $150,000 and an end-of-2025 forecast of $200,000, suggesting Bitcoin could join the $3 trillion market cap club by the end of 2024.