Standard Chartered Revises Bitcoin Year-End Price Target
- Standard Chartered lowers Bitcoin forecast to $100K.
- Reflects slower ETF inflow expectations.
- Affects Bitcoin and related crypto markets.
Standard Chartered Bank has lowered its year-end Bitcoin price forecast to $100,000 amid ongoing crypto market volatility, announced through internal research led by Geoff Kendrick.
The revision suggests reduced expectations for ETF inflows and slower institutional adoption, reflecting broader market uncertainties surrounding Bitcoin’s potential growth trajectory.
The research was led by Geoff Kendrick, Head of Digital Assets Research at the bank. His team’s analysis suggests that institutional adoption is progressing at a slower rate than earlier projected, prompting the revised estimates.
Market Reactions and Implications
The immediate effect of this revision perturbs crypto markets, with Bitcoin and related assets likely experiencing shifts in sentiment. Institutional positions may adjust in response to the adjusted price trajectory.
Financial implications include potential adjustments from investors who had aligned their expectations with the previous higher target. This change also signals a more cautious outlook on institutional Bitcoin flows.
Standard Chartered’s Forecast and Regulatory Developments
“We are recalibrating our previous path for Bitcoin to reflect a more muted expectation regarding ETF inflows, corporate buying has also slowed down, pushing our 2024 target down to $100K.” — Geoff Kendrick, Head of Digital Assets Research, Standard Chartered
Standard Chartered’s updated forecast does not indicate governmental or exchange actions directly influencing Bitcoin’s price. However, the recalibration highlights the bank’s cautious approach towards future cryptocurrency inflows.
The new forecast suggests a more conservative growth rate, aligning with broader regulatory developments in the ETF landscape. Historical trends indicate that such forecasts can shape market narratives, potentially moderating aggressive bullish expectations.
