BTC’s target price of $ 200k is still playing, driven by ETFs, Corporate Treasury: Stanchart
Bitcoin
is set to collide with historical post-halving patterns and push towards a full time high in the second half, chartered by bank bank investment (Stan) A research report said Wednesday.
Cryptocurrency price usually collapsed about 18 months after divideA quadrennial event that slows down the growth rate in the Bitcoin supply. At this time, structural support from institutional investors is expected to oppose any weakness, Geoff Kendrick, head of the research of digital assets in Standard Charted.
“Bitcoin’s Bitcoin cycle died,” Kendrick wrote.
The analyst reiterated his forecasts on Bitcoin’s $ 200,000 price, and said he expects the biggest cryptocurrency to rise nearly $ 135,000 by the end of the third quarter.
Strong outflow from funds exchanged by Bitcoin exchange (ETFS) And updated the demand of the corporate treasury, which combined a total of 245,000 BTC in the second quarter, was seen as major drivers, and is expected to accelerate in the coming months, the report said.
Macro Tailwinds includes a possible early removal of the Fed Chair Jerome Powell and the development of US Stablecoin law, both of which can pose more, added the report.
Read more: Strategic Bitcoin Reserve marks milestone at Institutional Adoption: Gemini
