Standard Chartered Maintains $200,000 Bitcoin Target Citing Institutional Support

Standard Chartered has maintained its year-end bitcoin price target of $200,000, citing several bullish catalysts that are expected to drive the cryptocurrency's price higher in the second half of the year. The investment bank anticipates that sustained inflows from spot bitcoin exchange-traded funds (ETFs) and increased corporate treasury buying of bitcoin will be key drivers of this growth.

According to Geoff Kendrick, head of digital assets research at Standard Chartered, the typical post-halving price pattern for bitcoin, which usually sees a decline about 18 months after the event, is unlikely to occur this time. Instead, structural support from institutional investors is expected to counteract any potential weakness. Kendrick stated that "The bitcoin halving cycle is dead," emphasizing the shift in market dynamics due to institutional involvement.

In addition to ETF inflows and corporate treasury demand, positive macro catalysts are also expected to contribute to bitcoin's price appreciation. These include the potential early departure of Fed Chair Jerome Powell and progress on U.S. stablecoin legislation. Both developments could provide further upside for the cryptocurrency, according to the report.

Standard Chartered's bullish outlook is based on the expectation that these catalysts will drive bitcoin's price to around $135,000 by the end of the third quarter, with the potential to reach the $200,000 target by year-end. The report highlights the significance of institutional investment in supporting bitcoin's price and countering historical post-halving trends.