Standard Chartered Maintains $500K Bitcoin Target Amid Recent Selloff
Bitcoin is currently facing a downturn, trading at approximately $84,300, around 20.60% lower than its January high of $106,136. Standard Chartered's Geoffrey Kendrick maintains a bullish long-term outlook, projecting Bitcoin could reach $500,000 before the end of Donald Trump's presidency, with an anticipated rise to $200,000 by late 2025.
- Kendrick attributes potential growth to institutional participation from major financial entities like Standard Chartered and BlackRock.
- Recent market declines were influenced by a dip in US tech stocks and a $1.5 billion hack on Bybit.
- Regulatory improvements are expected to enhance institutional involvement and stabilize Bitcoin’s price.
- Bitcoin’s Short-Term Holder Spent Output Profit Ratio (STH-SOPR) is near the critical breakeven level of 1.0, indicating market uncertainty among short-term holders.
- A move above 1.0 may signal a bullish trend, while a drop could lead to increased selling pressure.
Kendrick highlights the importance of regulatory clarity, particularly regarding stablecoins and anti-money laundering laws, in fostering legitimacy and adoption in the crypto space.