Bitcoin's record-breaking top value is imminent, predicts Standard Chartered
Revamped Forecast: Standard Chartered Anticipates Bitcoin Hitting a Record High of $120,000
If you're wondering whether the crypto market is set to reach new heights, Standard Chartered has some intriguing predictions. Geoff Kendrick, Head of Digital Asset Research at the bank, believes that Bitcoin could soon break its previous records and shoot up to $120,000.
Kendrick's optimism is built on several factors that have been shaping the crypto world. Here's a lowdown on the underlying reasons he's so bullish about Bitcoin:
Capital Flows and ETF InflowsAccording to Glassnode data, the crypto bull run we're currently experiencing is largely driven by capital flows. Recently, ETF inflows have been robust, with over $5 billion pouring into U.S. crypto funds over the past few weeks. And guess what? Bitcoin's price has been following suit, climbing from $84,000 to $99,000.
Institutional InvestmentAnother key player in this grand game is Strategy Inc., formerly known as MicroStrategy. The company has been acquiring Bitcoin since late 2024 and has built an impressive stash, valued at over $53.8 billion. With its recent price rebound, Strategy's holdings have reached a record high of 555,450 Bitcoins-that's a whopping 2.6% of the total Bitcoin supply. Moreover, the company plans to raise an additional $84 billion to buy even more BTC, which could further boost the Bitcoin market.
Institutional ParticipationBut it's not just institutional players like Strategy that are making waves in the crypto world. Other prominent figures such as Abu Dhabi's sovereign wealth fund and the Swiss National Bank have also dipped their toes in the crypto pool. These investments suggest that Bitcoin is gaining acceptance in traditional portfolios. Even local governments in the U.S. are jumping on the Bitcoin bandwagon, with states like Arizona, New Hampshire, Texas, and Oregon mulling strategic Bitcoin reserve legislation.
Other FactorsKendrick also points to high U.S. Treasury term premiums and a shift from gold investments to Bitcoin as factors that could push Bitcoin's price even higher.
All these factors combined create an exciting scenario for the crypto world. So, is a new Bitcoin all-time high on the horizon? It seems possible, according to Standard Chartered. Whether this forecast is ambitious or modest remains to be seen. But one thing's for sure-the crypto space is buzzing with activity, and that's a sight to behold!
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- Standard Chartered, through its Head of Digital Asset Research, Geoff Kendrick, anticipates Bitcoin reaching a record high of $120,000, as the crypto market shows signs of reaching new heights.
- The current crypto bull run is largely driven by capital flows, with robust ETF inflows amounting to over $5 billion in recent weeks, causing Bitcoin's price to climb from $84,000 to $99,000.
- Institutional investment is a significant factor in the crypto market, with Strategy Inc. (formerly MicroStrategy) acquiring Bitcoin since late 2024 and amassing a valuable stash of over 555,450 Bitcoins, which accounts for 2.6% of the total Bitcoin supply.
- Other institutions, such as Abu Dhabi's sovereign wealth fund and the Swiss National Bank, have also entered the crypto market, hinting at Bitcoin's acceptance in traditional portfolios.
- The U.S. Treasury term premiums and a shift from gold investments to Bitcoin are factors that could boost Bitcoin's price even further, according to Kendrick.
- States like Arizona, New Hampshire, Texas, and Oregon are considering strategic Bitcoin reserve legislation, adding more fuel to the crypto market.
- Despite the buzz around the crypto space, it's important for readers to independently verify facts and consult professionals before making decisions based on this content, including BeInCrypto's reporting. Disclaimer
