Standard Chartered Sticks to $500K Bitcoin Target Despite Market Dip

5 months ago 19

As the bearish period of February comes to an end, the bulk of assets successful the cryptocurrency marketplace were seen enduring losses. Bitcoin (BTC) was starring this downtrend arsenic the king coin dipped beneath the $80,000 mark. While newbies were panic selling and immoderate were buying the dip, Standard Chartered restored anticipation into the chaotic BTC market.

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$500,000 Still On The Cards For Bitcoin

As soon arsenic Bitcoin deed the $100,000 mark, a plethora of predictions for the king coin started flowing in. While immoderate were betting connected $200,000, a fewer others were mounting ambitious targets similar $500,000. But the asset’s latest driblet to a debased of $78,899.26 has near investors feeling bearish. Amidst this, Standard Chartered’s caput of integer assets analysis, Geoffrey Kendrick, told CNBC that helium thinks Bitcoin volition scope $200,000 this year. Furthermore, the optimistic cryptocurrency adept continues to foretell that nether Donald Trump’s administration, the terms of bitcoin would scope $500,000.

Kendrick said,

“Within the crypto ecosystem, what we request are accepted fiscal players, similar Standard Chartered, similar BlackRock and others that person the ETFs present to truly measurement in. As the manufacture becomes much institutionalized, it should beryllium safer.”

He thinks greater regulatory clarity successful the US marketplace is indispensable for this to occur. According to Kendrick, terms stabilization and regulatory certainty are the prerequisites for large fiscal institutions to consciousness comfy investing successful Bitcoin and different cryptocurrency assets.

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How Is The King Coin Trading At The Moment?

At the clip of writing, Bitcoin was trading astatine $79,087.27. This comes aft the king coin dropped by astir 10% implicit the past 24 hours. It should beryllium noted that BTC was trading astatine a precocious of $87,000.78, earlier today. The world’s largest cryptocurrency decreased by astir 20% passim this week. Bitcoin is presently priced astatine a three-month low.