Bitcoin'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 …