Bitcoin Bull: Standard Chartered Analyst Predicts $500K by End of Trump's Term

Bitcoin's recent weakness has not deterred Standard Chartered's top crypto analyst, Geoffrey Kendrick, from maintaining his bullish outlook on the cryptocurrency. Despite a market downturn that pushed Bitcoin to a three-month low, Kendrick forecasts that Bitcoin could reach $500,000 before the end of Donald Trump's presidency.

In an interview with CNBC, Kendrick expressed his confidence in Bitcoin's ability to hit $200,000 this year and continue its upward trajectory in the coming years. He attributed this optimism to increasing institutional adoption and regulatory clarity in the US, which he believes will help stabilize the market and reduce volatility over time.

Kendrick emphasized the importance of traditional financial players, such as Standard Chartered and BlackRock, stepping into the crypto ecosystem to further legitimize it. As the industry becomes more institutionalized, he expects it to become safer, with fewer negative headlines like the recent $1.5 billion hack of crypto exchange Bybit.

Despite the recent dip, Kendrick sees a more optimistic outlook for crypto later in the year, particularly as regulatory frameworks around stablecoins and anti-money laundering take shape. He expects this to further legitimize the industry, leading to more US banks and larger institutions becoming involved.

Bitcoin tumbled to a three-month low below $90,000 earlier this week, trading around the $86,000 mark as of Thursday, down roughly 20% from its record high of $108,786 in January. Kendrick attributed the broader downturn in digital assets to uncertainty surrounding geopolitical conflicts, tariffs, and weakening risk appetite in equity markets. He noted that the Bybit breach further contributed to the negative sentiment.

However, Kendrick expects market conditions to improve as investors gain more confidence in regulatory progress and institutional participation. Despite the recent weakness, he remains bullish on Bitcoin's long-term prospects and its potential to reach the $500,000 mark.