Standard Chartered reaffirms its $150k Bitcoin forecast

Geoff Kendrick, the head of digital assets research at Standard Chartered, maintains a positive outlook on Bitcoin and has set a year-end price target of $150,000 for the cryptocurrency, according to a report by Business Insider. Kendrick recently spoke on BNN Bloomberg, where he acknowledged that Bitcoin has experienced a decline, falling 11% from its peak of around $73,000 in March. He attributed this pullback to reduced inflows into Bitcoin ETFs and increasing tensions in the Middle East, which have temporarily overshadowed the market. Despite these challenges, Kendrick remains confident in the market’s ability to recover and reiterates Standard Chartered’s prediction of a $150,000 price by the end of the year. Kendrick also highlights the cyclical nature of Bitcoin’s past performance, particularly after halving events, which have historically triggered price surges by reducing the supply of new Bitcoins. He further forecasts significant growth in ETF investments, with inflows potentially reaching between $50 billion and $100 billion over the next two years. Standard Chartered is known for its bullish stance on Bitcoin and even predicts a potential rise to $250,000 by 2025, reflecting its belief in the cryptocurrency’s long-term success in the financial markets.