Standard Chartered Bank reiterates Bitcoin's year-end target price of $200000: Three major driving forces support bullish logic

According to BlockBeats, on July 2nd, Standard Chartered Bank predicted in its latest outlook report for the second half of 2025 that the price of Bitcoin will reach $135000 by the end of September, and reiterated its target price of $200000 by the end of the year (nearly doubling from the current price of $107800 on July 3rd). Geoffrey Kendrick, the head of digital asset research at the bank, pointed out that the inflow of spot ETF funds, the growth in demand for corporate treasury allocation, and favorable policies will work together to drive Bitcoin to achieve its strongest ever US dollar valuation rise in the second half of 2025. Although MicroStrategy's recent increase in holdings has slowed down, the rush to raise funds from non MicroStrategy institutions in the second quarter indicates that new entrants are sufficient to fill the demand gap in the third quarter. Geoffrey Kendrick wrote in the report, "We expect the overall Bitcoin purchase volume of enterprise treasury in the third quarter to surpass that in the second quarter, forming a sustained inflow of funds Standard Chartered Bank believes that the current trend of Bitcoin prices is driven by institutional demand, rather than the logic of supply tightening after halving in previous cycles. Historical data shows that Bitcoin peaked and fell in 526 days and 547 days after the previous round of halving, but Geoffrey Kendrick pointed out that new capital channels such as ETF and corporate treasury (which did not exist in the previous cycle) have broken this model. He expects long-term holder selling pressure to be weaker than the 2025 level, with sustained capital inflows sufficient to digest any profit taking. In addition, Geoffrey Kendrick particularly stressed the importance of the term premium indicator of 10-year treasury bond - since the beginning of 2024, the price trend of Bitcoin has been highly synchronized with this indicator, and Standard Chartered expects the term premium to continue to rise.