Geoff Kendrick, head of digital assets research at Standard Chartered, remains bullish on Bitcoin and his company has set a year-end price target of $150,000.
“The price of Bitcoin could still more than double this year,” Kendrick said, according to Business Insider.
Kendrick pointed out at BNN Bloomberg that Bitcoin (BTC) has recently faced a downturn, down 11% from its March high of around $73,000.
He noted that “the decline is primarily due to slowing inflows into Bitcoin ETFs and heightened tensions in the Middle East,” which temporarily darkened markets.
Despite these challenges, Kendrick remains confident in the market’s ability to recover, reiterating Standard Chartered’s statement last month that prices would reach $150,000 by the end of the year.
“It’s starting to look like we can go higher again from where we are,” Kendrick said, citing the cyclical nature of Bitcoin’s past performance, especially after the halving. Previous halving events have historically triggered price spikes by reducing the supply of new Bitcoin.
Kendrick also expects ETF investments to grow significantly. Since spot Bitcoin ETFs were approved in January, nearly $12 billion has flowed into the market.
As the U.S. ETF sector matures, Kendrick expects inflows could soar to between $50 billion and $100 billion over the next two years.
Standard Chartered remains one of the most bullish on Bitcoin’s prospects, predicting it has the potential to rise to $250,000 by 2025, a 266% increase from March levels. The company’s optimism reflects the widespread belief that Bitcoin will dominate financial markets in the long term.