Bitcoin Price Prediction: Standard Chartered’s Analyst Sees $500K Target Amid Dip
Geoffrey Kendrick, head of crypto research at Standard Chartered, predicts that Bitcoin may reach $500,000 by the end of Donald Trump’s presidency, with a target of $200,000 this year. He emphasizes the role of institutional adoption and regulatory clarity in facilitating growth. Despite a recent dip to $86,000, his outlook for the future remains optimistic.
Geoffrey Kendrick, the leading cryptocurrency analyst at Standard Chartered, maintains a positive outlook on Bitcoin even amidst recent market declines. He forecasts that Bitcoin could achieve a valuation of $500,000 by the conclusion of Donald Trump’s presidency, with an intermediate target of $200,000 for the current year.
In an interview with CNBC, Mr. Kendrick underscored the importance of burgeoning institutional adoption and improved regulatory clarity as pivotal factors driving Bitcoin’s potential growth. He pointed to the involvement of major financial institutions such as Standard Chartered and BlackRock, which are expected to stabilize the market through initiatives like exchange-traded funds (ETFs).
As institutional participation increases, Mr. Kendrick anticipates a decrease in market volatility and a reduction in adverse media narratives, particularly following the recent $1.5 billion hack of Bybit. He emphasized that advancements in regulations concerning stablecoins and anti-money laundering measures will further fortify the legitimacy of the cryptocurrency sector, thus attracting US banks and larger financial entities to participate.
Recently, Bitcoin experienced a downturn, falling to a three-month low around $86,000—a decrease of 20% from its peak of $108,786 recorded in January. Mr. Kendrick attributes this drop to geopolitical tensions, increased tariffs, and a diminishing appetite for risk among equity investors, remarks that were compounded by the negative fallout from the Bybit incident.
Despite this setback, Mr. Kendrick remains optimistic about future market conditions, projecting that institutional investors will gain confidence as the regulatory environment improves. He believes this renewed confidence will contribute to a more stable and bullish market for Bitcoin in the near future.
In summary, Geoffrey Kendrick from Standard Chartered expressively forecasts significant growth for Bitcoin, with projections of reaching $500,000 and a near-term target of $200,000. His analysis highlights increasing institutional interest and the positive impact of regulatory advancements. Although Bitcoin has recently declined, the forecast remains promising as market conditions are expected to stabilize.
Original Source: www.tokenpost.com
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