Standard Chartered has backed a bullish Bitcoin (BTC) price surge as long-term macro factors in the United States favor the market. The bank’s researchers project a $500K price target during Donald *****’s second term in the White House. This follows similar projections from several institutions and market experts on a cycle high as funds flow ramp up. Currently, Bitcoin’s price faces short-term roadblocks as it trades below the $100k market.
Standard Chartered Forecasts 500% Growth
In a new note, Geoffrey Kendrick, the bank’s head of digital asset research, wrote that Bitcoin price will hit $500,000 before the end of Donald *****’s term. According to analysts, a 500% growth is possible due to favorable market conditions ushered in by the present administration. Factors cited include soaring institutional interest in Bitcoin, the wider market, and positive regulations.
Institutional interest has been the pillar of a growing BTC price in the last eighteen months. In 2023, spot Bitcoin ETF applications propelled the market to recovery from the 2022 crypto winter. The Securities and Exchange Commission’s (SEC) approval of these funds fueled a new chapter of institutional inflows. Massive inflows recorded due to the new window spurred Bitcoin to multiple all-time highs.
This year, more traditional firms are tipped to widen their market exposure. This spike in adoption from institutional and retail traders will reduce volatility and build sustainability peaks. With over $40 billion in spot BTC ETFs, Kendrick projects a massive run in the next four years.
“The ETFs have attracted a net $39 billion of inflows so far, supporting the theory of pent-up demand being unleashed by increased access… *****’s January 23 order that the administration evaluate a potential national digital assets stockpile is also important, as this could encourage other central banks to consider Bitcoin investments,” he added.
*****’s Pro-Crypto Policy At the Center
Most commentators have pointed to President *****’s pro-market approach, predicting a surge in fresh capital. So far, all looks set to dismantle the harsh stance of the former administration with sweeping reforms. From bills around a strategic Bitcoin reserve, whales look to reshape holding ahead of price movement.
Recently, the Federal Deposit Insurance Corporation (FDIC) noted that it plans to revise regulations to allow banks to offer Bitcoin and crypto-related services. Standard Chartered placed a $200k BTC price target this year and a $300k mark by 2026. These factors can fuel the crypto leader to break these points in anticipation of $500K in 2028.