Standard Chartered Global Bank is positive about Bitcoin in the remainder of this year. It cites increased corporate treasury purchasing and strong ETF (exchange-traded funds) flows.
Standard Chartered Expects BitcoinBTCGeoff Kendrick’s report, shared Wednesday with Cointelegraph, stated that the digital assets research chief at the bank, Geoff Kendrick would be able to reach new heights by the third quarter of this year and break the $200,000 mark by the close of the calendar.
“Thanks to increased investor flows, we believe BTC has moved beyond the previous dynamic whereby prices fell 18 months after a ‘halving’ cycle,” Kendrick stated that the common halving trend Price declines would have occurred in 2025, September or October.
Standard Chartered is bullish on Bitcoin in its latest report. bank expecting it to hit $500,000 a coin by 2028.
Bitcoin’s halving is over
Kendrick, Standard Chartered’s analyst, focused his analysis on the possible impacts of Bitcoin halving cycles, a pattern in price that is associated with a halving. BTC halving eventsEvery four to five years there is a.
BTC halves have historically been linked with both price spikes and corrections.
Bitcoin’s price fell in 18 months following each of the previous halves in 2016, 2020. Bitcoin halving in April 2024 The market will probably be affected by new forces such as strong ETF. corporate buying, Kendrick suggested.
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“We expect prices to resume their uptrend, supported by continued strong ETF and Bitcoin treasury buying,” Kendrick wrote the update and stressed that both drivers were missing in previous halves cycles.
Standard Chartered doesn’t exclude the possibility of a choppy price in Q4 due to the concerns regarding the correction patterns from the past halvings.
Bitcoin ETFs experience outflows following 15 days of positive inflows
Kendrick’s latest insight on the bullish effects of ETFs against corporate buys under the pressures of the halving of cycle was released as the spot Bitcoin ETF flows started to turn negative after 15 consecutive days of inflows.
According Data from SoSoValue shows that US Bitcoin ETFs have seen their first withdrawals in six months. Data from SoSoValue shows that US Bitcoin spot ETFs saw outflows of $342.3 millions on Tuesday, their first since June 6.
Kendrick said that Bitcoin ETF flows, corporate treasury purchases and Bitcoin ETF flow totalled 245,000 BTC for Q2. “We expect that level to be exceeded in both Q3 and Q4,” he said.
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Source: cointelegraph.com
