Bitcoin $200K Target Still in Play, Driven by ETF, Corporate Treasury Buying: StanChart

Bitcoin (BTC) is set to defy historical post-halving patterns and push toward an all-time high in the second half, investment bank Standard Chartered (STAN) said in a research report Wednesday. The cryptocurrency’s price typically falls about 18 months after the halving , a quadrennial event that slows the rate of growth in bitcoin supply. This time, structural support from institutional investors is expected to counter any such weakness, said Geoff Kendrick, head of digital assets research at Standard Chartered. “The bitcoin halving cycle is dead,” Kendrick wrote. The analyst reiterated his year-end bitcoin price forecast of $200,000, and said he expects the largest cryptocurrency to rise to around $135,000 by the end of the third quarter. Strong inflows from spot bitcoin exchange-traded funds (ETFs) and renewed corporate treasury demand, which combined totaled 245,000 BTC in the second quarter, are seen as key drivers, and are expected to accelerate in the coming months, the report said. Macro tailwinds include a possible early departure by Fed Chair Jerome Powell and progress on U.S. stablecoin legislation, both of which could fuel further upside, the report added. Read more: U.S. Strategic Bitcoin Reserve Marks Milestone in Institutional Adoption: Gemini

Source: CoinDesk