Bitcoin BTC -1.40% 's price could hit a new all-time high in August, followed by an increase to $100,000 by the time of the U.S. presidential election in November, according to Standard Chartered.

On Tuesday, Standard Chartered Bank's head of forex and digital assets research Geoffrey Kendrick, said, "a fresh all-time for bitcoin in August is likely, then $100,000 by U.S. election day."

Kendrick's prediction hinges on Joe Biden remaining in the U.S. presidential election race—a scenario the market perceives as favoring a Donald Trump victory.

The Standard Chartered analyst views Trump as "bitcoin-positive," and indicated that there is a positive correlation between the former president's electoral odds and the price of bitcoin. "The logic here is that both regulation and mining would be looked at more favourably under Trump," Kendrick added.

The Standard Chartered analyst modeled a "least likely" scenario where Biden steps out of the presidential election race in late July, saying that this could cause bitcoin prices to dip to $50,000-$55,000.

He expanded on this possibility, adding that if Biden's Democratic candidate replacement is very credible, such as Michelle Obama, "bitcoin prices will stay soft." However, he concluded that if Biden stays in the race, "bitcoin is a fantastic buying opportunity."

Kendrick added that the key date for whether Biden stays in the race is August 4. "This is the date at which Ohio law requires presidential candidates to be registered. So, if Biden is still the Democratic nominee on August 4 he will still be so in the first week of November," the Standard Chartered analyst added.

In early June, Kendrick said he is sticking with his year-end price prediction of $150,000 and end-of-2025 forecast of $200,000 for bitcoin. "Notably, a $150,000 price by end-2024 would see bitcoin join the $3 trillion club in terms of market cap, following NVDA’s $3 trillion market cap which was reached yesterday," he said.

Bitcoin traded flat over the past 24 hours and is now trading at $62,247, as of the time of writing, according to  The Block's Price Page.

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