Standard Chartered’s positive forecasts on Bitcoin have sparked discussions regarding the potential for the digital currency to reach $100,000 before the U.S. Presidential election. Spot Bitcoin ETFs are seeing significant inflows despite the decline of Bitcoin’s price. This reflects a change in investor behaviour.
Michael Saylor, a MicroStrategy executive, endorsed Bitcoin strongly in his recent survey on X.
Standard Chartered Bullish Prediction: Bitcoin to Reach All-Times Highs
Bitcoin’s Current Viral Level= AliceBlue’s value could reach a record high by August and then surge up to $100,000 before the U.S. Presidential Election in November. This bold prediction comes from Standard Chartered.
Geoffrey Kendrick’s, Standard Chartered Bank’s, head of digital asset and forex research, presented a convincing argument for Bitcoin’s upward trajectory on Tuesday. Kendrick said that a new all-time bitcoin high is probable in August, and then $100 by U.S. Election Day.
Kendrick’s prediction is closely linked to the American political scene, and in particular the U.S. Presidential election. Kendrick’s analysis is based on the assumption Joe Biden would remain in the race for the presidency, a scenario that the market perceives as favouring Donald Trump.
Standard Chartered’s analyst sees Trump as “bitcoin positive,” showing a correlation between his electoral chances and Today’s viral level= Snow of bitcoin. Kendrick said, “The logic is that regulation and mining will be viewed more positively under Trump.” This could lead to a positive environment for Bitcoins and other digital currencies.
Kendrick developed an alternate scenario that he called “least probable” in which Biden withdraws from the race for president at the end of July. Bitcoin’s price could drop to between $50,000 and $55,000 in this scenario. In addition, he noted that “bitcoins will remain soft” if Biden’s Democratic replacement candidate is someone who has a high level of credibility, like Michelle Obama.
Kendrick did conclude, however, that “bitcoin represents a great buying opportunity” if Biden remains in the race. Kendrick stressed that the Aug. 4, which is a crucial date in determining Biden’s candidacy, was incredibly important. This is when Ohio’s law mandates that presidential candidates register. If Biden remains the Democratic candidate on August 4, he’ll remain that way in the first few weeks of November,” said the Standard Chartered Analyst.
Kendrick is still bullish on Bitcoin. Early in June, Kendrick reaffirmed that his Where To Buy forecast for the end of year was $150,000. He also predicted $200,000 by 2025. He said that a price of $150,000 by the end of 2024 will see Bitcoin join the $3 trillion club, after NVDA, in terms market capital.
Kendrick’s predictions will have a significant impact on investors and participants in the market. His predictions could lead to Bitcoin experiencing unprecedented mainstream acceptance and market penetration. Potential political factors also show the complex relationship between cryptocurrency markets and geopolitical dynamics.
The market participants closely monitor the changing political landscape of the United States. With the coming election, bitcoin’s dynamics have become more complex.
The crypto community is waiting for the important Aug. 4, which will likely solidify Biden’s campaign and could set up a bullish rally for Bitcoin. Market participants must navigate this evolving landscape until then with strategic vision and caution.
The Spot Bitcoin ETFs are Defying Market Trends With Strong Inflows in Today’s Viral level= SlateGray Decline
In June, the dominant narrative that rapid asset growth for Bitcoin spot ETFs is driven by “numbers go up” mentality was challenged. Bloomberg Intelligence data revealed that despite a decline of 7% in BTC’s Today’s VIRAL LEVEL= OliveDrab spot funds had net inflows worth $790m, which is a deviation from herd-like behavior usually associated with increasing asset prices.
BlackRock’s iShares Bitcoin Trust, now the world’s largest Bitcoin ETF (seeking Bitcoin), was the leader. Fund inflows exceeded $1 billion and effectively offset substantial outflows of the Grayscale Bitcoin Trust.
In contrast, the inflows in June are a stark contrast to those in April when funds saw large withdrawals after Bitcoin’s Where to Buy dropped by 15%. The pattern shows a significant change in investor behaviour, as recent drops did not discourage inflows. This could be a reflection of a growing belief in BTC’s prospects on the long term.
Eric Balchunas, senior ETF analyst at Bloomberg Intelligence, pointed out that older investors are often forgotten in the crypto world but could be the reason for the strength of Bitcoin ETFs. Balchunas wrote that “Boomers make much better investors than others portray them to be.” He was possibly responding to well-respected analyst James Bianco who argued the asset accumulation of spot ETFs were driven by weak, speculative funds.
A part of the streak of positive inflows in June can also be attributed the increasing enthusiasm around the possible approval of an Ether spot ETF. The regulators as well as potential issuers are actively working to approve such funds. It is possible that the anticipation of another spot crypto ETF will also pull capital away from Bitcoin funds, but this does signal an acceptance of crypto within the financial sector.
According to reports, Ether ETFs are being asked by the regulators to submit an important document again before July 8. This has fueled speculation about these ETFs hitting the market in the near future. Approval of a spot Ether ETF would be a major milestone that reflects regulators’ changing stance towards crypto investments.
The strong flows into Bitcoin spot ETFs in a time of decline suggests a mature market, where investors no longer are solely driven By short-term Price fluctuations. They appear to have a long-term, strategic approach to investing in crypto.
BlackRock’s iShares Bitcoin Trust in particular shows that institutional investors may be taking a bigger role in the bitcoin market. It’s encouraging to see that the fund was able to bring in over $1 billion despite volatility in the market. This shows a growing trust in bitcoins as an asset class.
Michael Dell’s Provocative Bitcoin Poll Sparks Debate
Michael Dell, the CEO of Dell Technologies stirred up digital waters recently with a provocative poll on X. In the poll, the community was asked to vote on the three most important things: AI, Bitcoin or love and relationship. The seemingly straightforward yet profound question attracted the attention of many online communities. Crypto enthusiasts in particular were particularly interested. A significant number of respondents favored Bitcoin.
This poll was intended to be a light-hearted question, but it quickly gained popularity and attracted the attention of notable figures from the crypto and tech worlds. Michael Saylor was one of the prominent respondents. He is known for being a Bitcoin bull.
Saylor responded to the survey by using a heart-shaped emoji. She then posted a strong response. Saylor responded to Dell’s Tweet by declaring “Bitcoin Is The Most Important Thing.” Saylor is unwavering in his belief that Bitcoin has the potential to transform the financial world.
Saylor’s answer encapsulated the longstanding support he has for Bitcoin. It served as a rallying call for more adoption of Bitcoin and its recognition in changing global financial systems. The poll results were boosted by his endorsement, which reflected the strong conviction of Bitcoin enthusiasts.
Bitcoin’s price was $60,860.56 at the time this article was written, a decline of 3.4% over the last 24 hours. Bitcoin’s Where To Buy fluctuates between $59,000 to $74,000 since April. This shows the inherent volatility of cryptocurrency. Historical trends, however, suggest that July could be a bullish month.
Ali Martinez is a well-known crypto analyst who says that historically, Bitcoin tends to bounce back strongly after a bad June. This month the cryptocurrency returned an average of 7.98%, and a median of 9.60%. This has encouraged traders and investors to be optimistic.
On the first of July, ETFs listed in the United States saw inflows totaling $130,000,000. This is their highest since early June. The influx of $130 million was a response to significant outflows in excess of $900 millions over the previous two weeks. This indicates renewed investor confidence.
When analyzing Bitcoin’s today’s viral level= MediumAquamarine, one critical resistance level was identified as $65,795. By breaking through this barrier, Bitcoin could be on its way to the next significant milestone of $78,700. Bitcoin is currently trapped in a parallel channel with a barrier of $62,500. Ali believes that if the support level is maintained, Bitcoin may bounce back up to $63,200, or even $63,800. This could offer short-term opportunities for trading.
Market sentiment is cautiously positive, led by historic performance patterns and renewed institutional interest. Early July’s strong ETF inflows reflect an increased acceptance of Bitcoin and its potential for delivering robust returns.
Michael Dell’s seemingly lighthearted poll highlights a more serious conversation on the importance of digital assets and emerging technologies in modern society. This poll shows that Bitcoin is overwhelmingly supported, indicating the increasing recognition of cryptocurrency as more than just speculative investments.
Saylor’s enthusiastic endorsement of Bitcoin reinforces this feeling, and further strengthens the idea that Bitcoin will play an important role in the development of the global financial system. Bitcoin’s journey to mainstream adoption is gaining momentum as more notable figures and institutions support it.
