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Bullish crypto analysts in the Standard Charter still believe that Bitcoin hit $500,000 during Donald Trump’s presidency – even after selling off the world’s largest digital currency fell to a three-month low, the price of Bitcoin hit $500,000.
Geoffrey Kendrick, head of digital assets research at Standard Chartered, told CNBC that he believes Bitcoin will hit the $200,000 mark this year and then climb further in the coming years.
“In the crypto ecosystem, what we need are traditional financial players, e.g. Standard charterlike Black Stone Kendrick said in an interview with CNBC’s “Squawk Box Europe” on Thursday.
“As the industry becomes more institutionalized, it should be safer,” Kendrick said. $1.5 billion hacking attack on cryptocurrency exchange Bybit last week.
He added that the increase in institutional adoption of cryptocurrencies, coupled with some “regulatory clarity” in the United States, has less volatile over time.
“This should add to that medium-term, top potential, and for me, Bitcoin can reach up to $200,000 this year, $500,000 before Trump leaves the office,” Kendrick told CNBC.
Kendrick said the catalyst needed by large financial institutions to gain confidence in investing in Bitcoin and other crypto assets is the stability of prices and increased regulatory clarity.
Bitcoin earlier this week Sink to three-month lows below $90,000 Decline in the global stock market. As of Thursday, the token was trading at $86,418. This means that the coin’s all-time high is about $108,786, according to Coingecko Data, which is the peak in January.
Kendrick of Standard Charter said that digital currencies have fallen even more due to uncertainty and resolutions on tariffs and resolutions on major wars such as Russia-Ukraine and Israel-Gaza.
“Risk assets don’t like uncertainty, so that’s what we’re seeing. We’ve seen tech stocks in the U.S. have lowered,” Kendrick said. He added that violations against bybit also led to negative sentiment around cryptocurrencies.
He expects the outlook for cryptocurrencies to improve later this year as traders await major regulatory developments in the industry, such as new regulations surrounding Stablecoins and anti-money laundering.
Kendrick said: “This should be further legalized, so you’ll see more American banks involved.
Kendrick is one of many market analysts Double the forecast Bitcoin is priced at $200,000 this year. Bitcoin was highly anticipated $100,000 in December after Trump was elected as the presidency of the United States.
The Crypto Bulls believe Trump’s support for digital currencies is positive. January Trump signs executive order Promote the advancement of US cryptocurrencies and develop national digital asset inventory.
Crypto investors, companies and executives Almost half of the company’s donations There are some Trump campaigns that contribute tens of millions of dollars in the 2024 election cycle.
