Bitcoin Price Forecast Lowered to $100K by Standard Chartered Analyst

TLDR

• Standard Chartered has lowered its Bitcoin year-end target to $100,000 due to recent market declines.
• Despite the adjustment, the bank maintains a long-term Bitcoin price target of $500,000 by 2030.
• Geoff Kendrick, Standard Chartered’s analyst, believes the current market downturn is a short-term decline.
• The bank still sees Bitcoin as underrepresented in global portfolios, supporting long-term growth potential.
• Ark Invest’s CEO Cathie Wood suggests Bitcoin’s volatility may decrease as institutional investors enter the market.

Standard Chartered has reduced its Bitcoin year-end target to $100,000, down from $200,000. Geoff Kendrick, the bank’s analyst, adjusted the recent decline in Bitcoin price. He still remains bullish on Bitcoin for the long term but views the recent sell-off as a short-term decline.

The bank initially predicted that Bitcoin would reach $200,000 by the end of the year. However, after Bitcoin’s crash below $100,000 in November, the bank lowered its target. Despite this, Kendrick emphasized that he does not see the current situation as a prolonged bear market.

Kendrick stated in a note to clients that the recent Bitcoin price drop is “not a crypto winter, just a cold breeze.” He believes that the decline is temporary, and the cryptocurrency will recover. The analyst maintained that Bitcoin’s long-term outlook remains strong.

Standard Chartered’s Long-Term Bitcoin Price Target Remains Unchanged

Despite lowering its short-term Bitcoin price target, Standard Chartered has kept its long-term goal intact. The bank still believes Bitcoin could reach $500,000 by 2030. However, Kendrick now expects the cryptocurrency to hit this level in 2030, not 2028 as previously anticipated.

Kendrick pointed out that global portfolios are still underweight Bitcoin. He also noted that portfolio optimization between Bitcoin and gold is continuing to show a preference for Bitcoin. According to the analyst, Bitcoin’s long-term potential remains high, despite the recent price fluctuations.

The bank’s outlook is based on the idea that institutional adoption of Bitcoin will continue to grow. With Bitcoin still underrepresented in global portfolios, Kendrick expects that institutional investors will play a key role in pushing the price higher.

Bitcoin Price Drop Could Be Temporary, Says Ark Invest CEO

Cathie Wood, CEO of Ark Invest, expressed a similar sentiment about the Bitcoin price. In a recent interview, she stated that the typical four-year cycle for Bitcoin might be disrupted. Wood believes that institutional investors are helping to reduce Bitcoin’s volatility.

Wood added that Bitcoin may have already reached its low point. She speculated that the recent decline might be the bottom, with the cryptocurrency poised to rise. The Ark Invest CEO suggested that the entry of institutional investors will prevent Bitcoin from experiencing the deep declines seen in its early days.

Other analysts have echoed similar views, with Bernstein predicting that Bitcoin could eventually reach $1 million. They also declared the traditional four-year cycle for Bitcoin to be “dead.” Despite the current downturn, these analysts are optimistic about Bitcoin’s long-term trajectory.

Binance’s Zhao Weighs In on Bitcoin’s Future

Changpeng “CZ” Zhao, co-founder of Binance, also weighed in on the future of Bitcoin. He suggested that the traditional four-year cycle may be over. Zhao indicated that Bitcoin could be entering a “supercycle” driven by increased institutional investment.

Zhao’s comments align with the views of other industry leaders. He believes that the current Bitcoin price action reflects a shift in how the market functions. As institutional investors continue to show interest, Bitcoin’s price could experience higher volatility but also more upward momentum in the long run.

Despite the recent downturn, the cryptocurrency market remains focused on the long-term potential of Bitcoin. As institutional adoption grows, many investors expect the Bitcoin price to increase once the current market uncertainty subsides.

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