Despite recent setbacks and an important sale that brought Bitcoin to a low-point low, Standard Chartered maintains a strong bullish position about BTC market forecasts. Geoffrey Kendrick, the head of Digital Assets Research at the Bank, predicts that Bitcoin will rise to $ 500,000 before the Donald Trump presidency is closed. In addition, BTC price can reach $ 200k by the end of 2025.
Bitcoin remains bullish despite new layer
Standard Chartered predicts that although the first month in function of US President Donald Trump has introduced a high volatility for risk assets, his administration could ultimately benefit Bitcoin.
In a CNBC interviewGeoffrey Kendrick, the head of Digital Assets Research at Standard Chartered, expected the price of Bitcoin to reach $ 200,000 this year. He expects that by the end of the second term from President Trump will rise to $ 500,000, influenced by increased institutional acceptance and the possibilities of clearer regulations.
Kendrick stated that the crypto ecosystem would benefit from the involvement of traditional financial institutions such as Standard Chartered, BlackRock and others who manage ETFs. He emphasized that their participation is crucial.
Kendrick also said that the more the industry is institutionalized, it must become safer and probably have to pull less negative headlines, such as the recent hack of $ 1.5 billion in the cryptocurrency exchange exchange Bite Last week.
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He added that the increasing acceptance of cryptocurrencies through institutions, along with some regulatory clarity in the US, is expected to gradually reduce market volatility over time.
Earlier this week, Bitcoin fell to a low-point low and dropped below $ 90,000 amidst the decreases of global stock markets, according to the Coingecko data. On Thursday, the Bitcoin price achieved a commercial value of $ 82,256, which marked a decrease of approximately 20% compared to the peak in January.
Geoffrey Kendrick noted that the crypto market has been taken broadly due to uncertainties around rates and the solution of important conflicts such as those in Russia-Ukraine and Israel-Gaza.
Bitcoin’s prospects are strong despite correction
Bitcoin recently fallen below $ 82,000 and reached a three -month low in response to broader market drops. Market insecurity is reflected in Bitcoin’s short-term Holder Holder Hitte Output Profit Ratio (STH-Sopr), which floats near the critical 1.0 break life level. A report from Glassnode suggests that breaking above this threshold historically indicates a bullish momentum, while failure can cause a new wave of sale.
The STH-Sopr ratio, ranging from 0.98 to 1.04, has closely followed the price movements of Bitcoin. Recently it indicated that holders are uncertain in the short term, which influences the potential of Bitcoin to reach new highlights or to reach further falls.
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Julien Bittel, a global macro investor,, however, described the recent price fall in Bitcoin as a “normal event in bull markets”, especially after the substantial price increase that followed on the US presidential elections.
With Bitcoin trade at a lower price, it offers an attractive opportunity for whales and settings to buy more during this dip. As buying interest increases, the price of BTC could experience a robust recovery, so that another Bull Run may initiate in the coming weeks.
Credit : coinpedia.org
