Standard Forward: Bitcoin could plummet to $50,000 if Joe Biden drops out of presidential race, could soar to $100,000 if he stays

Join our Telegram channel for the latest news coverage. Bitcoin could fall to $50,000 if U.S. President Joe Biden drops out of the race, but could surge to $100,000 if he holds out until November, Standard Chartered said.
Jeffrey Kendrick, head of foreign exchange and digital asset research, said Biden's continued presidential candidacy would provide a "perfect buying opportunity" for Bitcoin investors.
In this context, Kendrick said Bitcoin could set new all-time highs in August and surge to $100,000 by the time of the presidential election in November.
This is because there is a positive correlation between Trump’s election odds and Bitcoin prices, he added.
He also added that Trump’s stance on cryptocurrency regulation and cryptocurrency mining would be more favorable.
Trump’s campaign has taken a pro-cryptocurrency stance in recent months. Not only did the former president begin accepting campaign donations in digital assets, he also told some of the largest Bitcoin miners that he wanted to produce all the remaining Bitcoins in the United States.
He also said that if elected, he would advocate for Bitcoin miners in the White House.
Trump has also expressed his desire to be the “crypto president,” saying so at a June 6 rally in San Francisco, according to Reuters, which cited three people who were present.
This is not the first time Kendrick has made such a bullish prediction. Last month, the analyst predicted that the king of cryptocurrencies could surge to $150,000 by the end of this year. He also predicted that the Bitcoin price could surge to $200,000 by 2025.
If Bitcoin surges to $150,000 by the end of 2024, it will join the "$3 trillion market cap club," Kendrick said. Nvidia recently reached the same milestone.