Bitcoin Bull: $200K by 2022, $500K by 2029

Bitcoin's recent correction, which has seen the cryptocurrency fall 25% from its all-time high reached in January, has not dampened the bullish outlook of Standard Chartered's head of digital asset research, Geoffrey Kendrick. In a recent interview, Kendrick expressed his positive medium-term view on Bitcoin, despite the current challenging times.

Kendrick predicts that Bitcoin could surge by 145% this year, reaching a price of $200,000. Furthermore, he foresees the cryptocurrency rallying to $500,000 by early 2029, representing a potential 6x increase from its current level of around $81,575.

Several catalysts could drive Bitcoin's price to new heights, according to Kendrick. These include increased regulatory clarity, particularly around stablecoins and know-your-client (KYC) regulations, which would help legitimize the industry and attract more US banks and larger institutions. Additionally, Kendrick expects long-term pension funds and sovereigns to enter the market, further boosting demand for Bitcoin.

As Bitcoin continues to gain mainstream acceptance and regulatory clarity, investors should keep an eye on these developments. While the recent correction has presented a challenging environment, Kendrick's bullish outlook suggests that the medium-term story for Bitcoin remains positive.