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- Standard Chartered sticks to $150,000 Bitcoin target despite recent price dips, citing market cyclicity and ETF growth.
- Geoff Kendrick, head of digital assets research, remains confident in Bitcoin’s rebound potential amid geopolitical tensions.
Standard Chartered, a leading financial institution, reaffirmed its bullish prediction for Bitcoin’s price, setting a year-end target of $150,000. The prediction comes from Geoff Kendrick, head of digital assets research at Standard Chartered, who remains optimistic despite recent setbacks in Bitcoin’s value.
Bitcoin had a significant pullback recently, slumping almost 11% from its high of $73,000 or so in March. This decrease was associated with a number of reasons such as slow inflows into Bitcoin ETFs and growing tensions in the Middle East which took market sentiment temporarily.
Geoff Kendrick underscored in an interview with BNN Bloomberg, underlining the effect of lower inflows into Bitcoin ETFs and geopolitical tensions on Bitcoin’s price path. Nevertheless, Kendrick was insistent in his belief when it comes to the future of Bitcoin, referring to the recent statement of Standard Chartered and reiterating their price prediction of $150,000 before the end of the year.
Optimistic Outlook and Factors Driving Growth
Bitcoin has suffered a significant setback of late, falling 11% from it’s best level of $73,000 reached in March. This decrease was associated with a number of reasons such as slow inflows into Bitcoin ETFs and growing tensions in the Middle East which took market sentiment temporarily.
Standard Chartered’s optimistic attitude towards Bitcoin does not end in the near term, the company forecasts a possible surge to $250,000 by 2025, which is significantly higher compared to its levels of March. This positive outlook is an expression of the general faith in the future of Bitcoin and its likely importance in the world of financial assets.
Under adverse market sentiment, Kendrick offers some defence of the Bitcoin economy, focusing on the medium-term value of the blockchain technology. He disregards critiques of people like Jamie Dimon, the CEO of JPMorgan, saying that most of them do not understand the fundamental principles of Bitcoin and its revolutionary role in many areas.
Further, in relation to the market uncertainty of the past, Kendrick highlighted a major sell-off right before the halving event, which forced the liquidation of $260 million worth of Bitcoin leveraged positions. Nevertheless, he sees this as a market correction, which can usher an orderly run-up after halving. Kendrick emphasizes the transformative potential of blockchain technology beyond financial services. He predicts a surge in traditional finance transitioning onto blockchain over the next five to ten years, positioning Bitcoin as a precursor to broader blockchain adoption.
Bitcoin Halving Sparks Modest Price Rise
Bitcoin’s price only slightly bumped following its halving event. With its stable position at $66,000 on Monday morning, the digital asset represented a close to 2% gain over its pre-halving levels.
Analysis by the blockchain intelligence company, IntotheBlock, indicates that Bitcoin is within a strong demand zone where around 1.66 million addresses have purchased it at an average price of $64,800. This level of price has the potential to act as a strong support in the case of any additional downward pressure on the market. But amid the halving, Bitcoin transaction fees skyrocketed to an all-time high of $127 over the weekend, as per Bitinfo Charts.
