Home Bitcoin News Bitcoin Price Forecast: Standard Chartered Predicts $150,000 by Year-End Amidst Market Turbulence

Bitcoin Price Forecast: Standard Chartered Predicts $150,000 by Year-End Amidst Market Turbulence

Bitcoin price forecast

Geoff Kendrick, the head of digital assets research at Standard Chartered, remains resolute in his optimism for Bitcoin’s future trajectory. Despite a recent slump of nearly 11% from its March peak of around $73,000, Kendrick sees this as a temporary setback, driven by factors such as sluggish inflows into Bitcoin exchange-traded funds (ETFs) and geopolitical tensions rattling market sentiments.

In an interview with BNN Bloomberg, Kendrick emphasized the impact of these factors on Bitcoin’s price path but remained unwavering in his belief in the cryptocurrency’s resilience. He reiterated Standard Chartered’s bold prediction of $150,000 for Bitcoin by the end of the year, underscoring his confidence in its rebound potential.

Looking beyond the immediate horizon, Standard Chartered paints an even more optimistic picture, forecasting a possible surge to $250,000 by 2025. This bullish outlook reflects a broader faith in Bitcoin’s role in the financial landscape and its potential to reshape traditional finance as we know it.

Despite naysayers like Jamie Dimon, CEO of JPMorgan, dismissing Bitcoin’s fundamental principles, Kendrick remains steadfast in his defense of the cryptocurrency. He sees Bitcoin not just as a speculative asset but as a harbinger of broader blockchain adoption across various sectors in the coming years.

Reflecting on past market uncertainties, Kendrick highlighted a significant sell-off preceding the Bitcoin halving event, resulting in the liquidation of millions worth of leveraged positions. However, he views such corrections as part of the natural market cycle, paving the way for a more orderly uptrend post-halving.

Indeed, Bitcoin’s recent halving event saw a modest price rise, with the digital asset hovering around $66,000 on Monday morning, representing a modest gain from pre-halving levels. Blockchain intelligence company IntotheBlock’s analysis suggests strong demand for Bitcoin, with millions of addresses purchasing it at an average price of $64,800, potentially providing robust support amidst market volatility.

In the face of market uncertainty, Kendrick defends Bitcoin’s fundamentals, dismissing critics like Jamie Dimon, CEO of JPMorgan, who have questioned the cryptocurrency’s viability. Kendrick asserts that many detractors fail to grasp Bitcoin’s revolutionary potential across various industries.

Addressing recent market turbulence, Kendrick highlighted a significant sell-off preceding the Bitcoin halving event, resulting in the liquidation of $260 million worth of leveraged positions. However, he views this correction as a necessary adjustment, potentially paving the way for a more orderly price increase post-halving.

Beyond financial services, Kendrick emphasizes the transformative impact of blockchain technology, predicting a broader adoption across traditional finance in the coming years. He positions Bitcoin as a precursor to this evolution, highlighting its role as a catalyst for blockchain innovation.

However, amid the halving, Bitcoin transaction fees soared to an all-time high of $127 over the weekend, underscoring the scalability challenges facing the cryptocurrency. Despite these challenges, experts like Kendrick remain bullish on Bitcoin’s long-term prospects, citing its transformative potential in revolutionizing various industries beyond finance.

Despite modest price movements following the recent halving event, Bitcoin maintains a stable position around $66,000. Analysis by blockchain intelligence firm IntotheBlock suggests strong demand, with approximately 1.66 million addresses purchasing Bitcoin at an average price of $64,800, providing a potential support level amid market fluctuations.

As Bitcoin continues to navigate through choppy waters, guided by optimistic forecasts and driven by its underlying technological innovation, its journey remains one of the most captivating narratives in the realm of finance and technology.

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Evie

Evie is a blogger by choice. She loves to discover the world around her. She likes to share her discoveries, experiences and express herself through her blogs.

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