Standard Chartered Predicts Bitcoin Could Reach $500K by Trump’s Term End
Standard Chartered predicts Bitcoin may reach $500,000 during Trump’s second term, with a forecast of $200,000 within the year. Geoffrey Kendrick highlights the impact of institutional adoption and clearer regulations on Bitcoin’s growth. Despite recent price declines, experts view them as part of a typical correction in a bull market, presenting strategic buying opportunities for investors.
Standard Chartered has expressed a highly optimistic outlook on Bitcoin’s future, predicting that its price could ascend to $500,000 by the conclusion of Donald Trump’s second term as President. Despite Bitcoin encountering a significant decline, reaching a three-month low, Geoffrey Kendrick, the bank’s head of digital assets research, indicates that strong institutional adoption and clearer regulatory frameworks will contribute positively to Bitcoin’s growth.
In a recent CNBC interview, Mr. Kendrick forecasted that Bitcoin could reach $200,000 this year before further escalating to $500,000 by the end of Trump’s presidency. He noted that the increasing participation of traditional financial institutions, such as Standard Chartered and BlackRock, is vital for the crypto ecosystem, which could lead to enhanced safety and a decrease in negative press surrounding the industry.
Market volatility arising from President Trump’s first month in office has impacted Bitcoin, particularly as global equity markets faced declines. Earlier this week, Bitcoin’s price fell to approximately $82,256, a notable drop of 20% from its January peak of nearly $90,000. Such market conditions have added to the overall uncertainty regarding Bitcoin’s trajectory, influenced by various geopolitical conflicts.
Bitcoin’s recent dip below $82,000 aligns with its current correction phase amid growing market uncertainties. The Short-Term Holder Spent Output Profit Ratio (STH-SOPR), as reported by Glassnode, is hovering near the breakeven point of 1.0, which historically has been a pivotal threshold for signaling potential bullish momentum in the market.
Despite these recent developments, investment experts suggest that Bitcoin’s price correction is characteristic of bull market behaviors, particularly in the context of the substantial increases following the US presidential election. This current price adjustment now offers a valuable opportunity for large investors and institutional players to acquire additional Bitcoin during the downturn, potentially paving the way for a market recovery in the weeks ahead.
In summary, Standard Chartered projects a bullish future for Bitcoin, predicting a price surge to $500,000 by the end of Trump’s second term, influenced by institutional involvement and regulatory clarity. Despite recent market volatility leading to Bitcoin’s decline, experts view this as part of a normal correction in its ongoing bull market. The current price presents advantageous buying opportunities for investors, setting the stage for potential recovery and future growth.
Original Source: coinpedia.org
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