Bitcoin Stays Around $62k as Standard Chartered Predicts a New All-time High in August

TL;DR

• BTC is trading around the $62k zone, down by 1% in the last 24 hours.

• Standard Chartered forecasts BTC’s price hitting a new all-time high next month.

BTC Could Surge to a New All-time High Soon

Bitcoin, the leading cryptocurrency by market cap, is having a quiet week so far. It has lost 1.5% of its value over the last 24 hours and is currently trading at $61,925 per coin. Over the last seven days, BTC’s price has remained flat.

The neutral performance comes despite experts predicting an incoming rally by Bitcoin. Standard Chartered Bank's head of forex and digital assets research Geoffrey Kendrick stated that he expects a fresh all-time for bitcoin in August. Furthermore, Kendrick predicts that BTC’s price could cross the $100k mark by U.S. election day.

The analysis hinges on Donald Trump winning the election, with the Standard Chartered analysts viewing Trump as "bitcoin-positive," and indicating that there is a positive correlation between the former president's electoral odds and the price of bitcoin. 

Kendrick pointed out that the logic behind BTC’s price surging higher is that regulation and mining of cryptocurrencies would be looked at more favorably under Trump.

However, if Biden wins the election, the Standard Chartered analyst believes that BTC’s price could dip to $50,000-$55,000.

With Bitcoin still neutral, altcoins are experiencing mixed performances. Toncoin’s TON is the best performer amongst the top 10 cryptocurrencies by market cap, up by 4% in the last 24 hours. At press time, TON is trading at $8.08 per coin.

Cardano’s ADA is also up by 3.9% as it battles to overtake Dogecoin in the number nine spot on the market. With altcoins recording mixed performances, the total crypto market cap stands at $2.3 trillion, down by less than 1% today.