Bitcoin's $200K Target Remains Valid Amidst ETF and Corporate Demand

Key Points

Standard Chartered has reiterated its year-end price target for Bitcoin at $200,000.
The bank projects significant flows from ETFs and corporate treasury purchases of Bitcoin in the latter half of the year.
Favorable macroeconomic factors include the passage of a stablecoin bill in the U.S. and potential changes in Federal Reserve leadership.

Bitcoin BTC is predicted to challenge its historical post-halving trends and approach record highs as noted by Standard Chartered on Wednesday.

Typically, Bitcoin’s price dips about 18 months after a halving, a process that slows Bitcoin supply growth. However, this time, institutional investor support could mitigate any downturn, as stated by Geoff Kendrick, head of digital assets research at Standard Chartered.

Quote

“The bitcoin halving cycle is dead,” said Kendrick.

He reaffirmed the forecast of a $200,000 Bitcoin price by year-end, anticipating a rise to around $135,000 by the end of Q3. Increased interest from spot Bitcoin ETFs and corporate treasury purchases, totaling 245,000 BTC in Q2, are deemed critical driving factors.

Positive macroeconomic developments could arise from the potential early exit of Fed Chair Jerome Powell and advancements in U.S. stablecoin legislation.