A new forecast from Standard Chartered says that the price of bitcoin could spike to a fresh all-time high next month, and that the world’s largest cryptocurrency could hit $100,000 by the time of the 2024 presidential election in November.

At the time of writing, bitcoin is hovering around $62,000, according to data from CoinGecko.

However, that’s likely to change, according to the multinational bank. “A fresh all-time for bitcoin in August is likely, then $100,000 by U.S. election day,” said Geoffrey Kendrick, Standard Chartered Bank's head of forex and digital assets research.

Last month, Kendrick forecast that bitcoin’s price at the end of the year would reach $150,000. By 2025, he expects that bitcoin’s price may climb to $200,000.

"Notably, a $150,000 price by end-2024 would see bitcoin join the $3 trillion club in terms of market cap, following [Nvidia’s] $3 trillion market cap,” Kendrick said.

Standard Chartered’s Kendrick also weighed in on how the U.S. presidential contest might impact bitcoin prices, predicting that President Joe Biden’s decision to continue his presidential candidacy would present "a fantastic buying opportunity” for bitcoin investors.

However, if Biden drops out, the price of bitcoin could drop to $50,000, he said. Kendrick also pointed out that “bitcoin prices will stay soft” if President Joe Biden is supplanted by alternative candidates like former First Lady Michelle Obama.

Given former president Donald Trump’s embrace of bitcoin, Kendrick added that "both regulation and mining would be looked at more favorably under Trump.”

Trump began accepting campaign donations in crypto in May in a bid to assemble a so-called "crypto army," assailing the Biden administration's more tepid stance toward digital assets.