Standard Chartered Predicts $500K Bitcoin
Standard Chartered Analyst Forecasts $500K Bitcoin Price
Despite a recent crypto market sell-off resulting in $860 million in liquidations (nearly half in Bitcoin), Geoff Kendrick, head of digital assets research at Standard Chartered, remains bullish on Bitcoin. He has significantly increased his Bitcoin price prediction, now forecasting a price of $500,000 by the end of Donald Trump's presidency.
Driving the $500K Bitcoin Price Prediction
Kendrick’s prediction is fueled by his belief in increasing institutional adoption and regulatory clarity. He highlights the growing involvement of major financial institutions like BlackRock and Standard Chartered in the Bitcoin market, viewing this as a key driver for future growth. He believes increased institutional participation will reduce market volatility.
"What we need are traditional financial players… to really step in," Kendrick stated in a recent CNBC interview.
This latest prediction follows his earlier forecast of $200,000 by the end of 2025. He links this bullish outlook to clearer regulations, especially in the US, paving the way for greater institutional investment and potentially mitigating security risks as seen in recent hacks like the Bybit incident.
"As the industry becomes more institutionalized, it should be safer," Kendrick noted.
Bitcoin's Recent Sell-Off and Market Sentiment
Bitcoin's price recently experienced a significant correction, falling from its all-time high of $109,100 to $80,000. This downturn triggered $860 million in liquidations, with $707 million in long positions. Adding to the pressure were record-breaking outflows of $938 million from Bitcoin ETFs and concerns surrounding potential tariffs.
Despite this, many crypto influencers view the situation as a buying opportunity. Santiment reports indicate a high level of confidence among traders, with many seeing this as a dip to buy. Prominent figures such as Michael Saylor even suggested holding Bitcoin despite the market volatility.
Will the $500K Prediction Materialize?
While Kendrick's prediction is ambitious, it's rooted in the belief that institutional adoption and regulatory clarity will drive Bitcoin's price higher. The recent market correction shouldn't overshadow the long-term potential, according to Kendrick and other analysts. However, market uncertainty makes it impossible to guarantee any specific price target.
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