Banking giant Standard Chartered has announced that the price of Bitcoin (BTC) could reach a new record in a short period of time.

Standard Chartered forex and digital asset research director Geoffrey Kendrick is expecting a new record in Bitcoin price in August.

Presidential elections will have a positive impact

A Standard Chartered official commented, "A new record is possible for Bitcoin in August, and it could reach $100,000 by the US election day," he said.

The presidential race between Joe Biden and Donald Trump continues in the US. According to Standard Chartered, the markets think that Trump will win this race.

Standard Chartered analysts believe that Trump has a positive attitude towards Bitcoin and that there is a positive correlation between Trump's chances of winning the election and the price of Bitcoin.

Kendrick said, "The logic here is that under the Trump administration, both regulations and mining are more favorably viewed."

That's why the price of Bitcoin can drop

Standard Chartered's estimate is based on Joe Biden continuing to stay in the presidential race. However, even though it is a low possibility, if Biden withdraws from the race, it could lower the Bitcoin price to the range of $50,000-$55,000.

It is thought that Bitcoin will not be able to make a leap if the Democratic Party nominates someone like Michelle Obama instead of Biden. But otherwise, it's stated that "Bitcoin is a fantastic buying opportunity."

Kendrick emphasized that the key date here is August 4th. According to Ohio law, "the presidential candidate must register on this date," Kendrick said.

Standard Chartered analysts predicted that the price of Bitcoin could reach $150,000 by the end of this year; $200,000 by the end of 2025.