Standard Chartered Bank, a British multinational bank, predicts that Bitcoin will surge significantly, with expectations that the price could soar to $200,000 in the second half of this year.
Historically, Bitcoin has experienced sharp declines in the months following its quadrennial halving events, which slow the growth rate of the supply of the leading cryptocurrency. Geoff Kendrick, the global head of digital asset research at Standard Chartered, stated that this time, the increased inflow of ETF funds and corporate bond purchases are expected to break this pattern.
The Bitcoin Halving Cycle Has Ended
Geoff Kendrick from Standard Chartered informed clients in a report on Wednesday that the four-year Bitcoin halving cycle "has ended."
While the two previous halving cycles in 2016 and 2020 led to a decline in Bitcoin prices approximately 18 months after the halving, the impact of the latest Bitcoin halving in April 2024 may be different. Although he believes that this cryptocurrency may break the historical pattern following the halving, he warned that the future is not guaranteed.
Kendrick stated, "Due to concerns that this pattern may repeat, we expect price volatility at the end of the third quarter and the beginning of the fourth quarter. However, we anticipate that, supported by strong ongoing purchases of ETFs and Bitcoin government bonds, prices will resume an upward trend."
The analyst ultimately expects Bitcoin to reach $135,000 by September 30 and to double the target of $200,000 by December 31.
Standard Chartered: Bitcoin Expected to Achieve "Best Performance Ever" in the Second Half
In the second quarter, spot exchange-traded funds (ETFs) and government bond buyers collectively purchased 245,000 BTC. Kendrick predicts that this number will be surpassed in the coming months as allocations continue and more publicly listed companies follow the BTC acquisition strategy of Strategy.
The banker noted that in all previous halving cycles, the demand from BTC funds and spot ETFs was absent.
Therefore, he believes Bitcoin is poised to break the historical high of $111,814 set on May 22. "Bitcoin will set a new historical high in the second half," Kendrick stated.
Michael Saylor's strategy has promoted Bitcoin financial strategies, shifting from a focus on software development to Bitcoin financial strategies at the end of 2020. The Nasdaq-listed company has been purchasing Bitcoin (BTC) almost weekly over the past year and currently holds 597,325 Bitcoins, valued at approximately $6.5 billion at current market prices.
Reports also mentioned that Kendrick highlighted macro-positive factors, including President Donald Trump's potential early announcement of his successor to Federal Reserve Chairman Jerome Powell, as well as the passage of landmark GENIUS stablecoin legislation, which could further drive Bitcoin's rise.
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