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  • Standard Chartered strategist walks back $120K BTC call, admits target might be ‘too low’

    Standard Chartered strategist walks back $120K BTC call, admits target might be ‘too low’

    Standard Chartered strategist walks back $120K bitcoin call

    • Geoffrey Kendrick pointed to several factors driving the bullish momentum.
    • As of Thursday, Bitcoin was trading just shy of the $100,000 mark.
    • Software company MicroStrategy has ramped up its Bitcoin purchases.

    Bitcoin’s relentless rally is prompting some analysts to revise their boldest predictions.

    Standard Chartered’s Geoffrey Kendrick, a well-known Bitcoin bull, has now admitted that his earlier forecast of $120,000 for the world’s largest cryptocurrency might be too conservative.

    In an email shared with clients on Thursday, Kendrick said, “I apologise that my USD120k Q2 target may be too low,” acknowledging the accelerating momentum in Bitcoin’s price.

    As of Thursday, Bitcoin was trading just shy of the $100,000 mark—up over 3% to $99,293, after briefly touching $99,897.

    Kendrick, who heads digital asset research at Standard Chartered, originally predicted last month that Bitcoin would reach a record high of $120,000 in the second quarter of 2025.

    His thesis was built on two major trends: a strategic shift of capital away from US assets and increasing accumulation of bitcoin by institutional “whales”—major holders with large buying power.

    Now, he believes those estimates may underestimate Bitcoin’s real potential.

    “The dominant story for Bitcoin has changed again,” Kendrick noted. “It is now all about flows. And flows are coming in many forms.”

    Kendrick pointed to several factors driving the bullish momentum, including surging institutional investment via US spot Bitcoin ETFs.

    Over the past three weeks alone, Bitcoin ETFs have seen $5.3 billion in inflows, according to his analysis.

    This suggests that mainstream financial players are steadily increasing their exposure to digital assets.

    He also highlighted big-ticket moves by institutional investors.

    Software company MicroStrategy has ramped up its Bitcoin purchases, effectively acting as a proxy stock for Bitcoin exposure.

    Meanwhile, the Abu Dhabi sovereign wealth fund has taken a position in BlackRock’s IBIT bitcoin ETF, and even the Swiss National Bank has reportedly invested in MicroStrategy shares.

    With Bitcoin price predictions now being revised upward and institutional capital flowing in at record levels, Kendrick’s new outlook signals a potentially explosive summer for crypto markets.

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  • Grayscale’s GBTC tops ETFs, Standard Chartered bullish on BTC, Meme Moguls trending in BTC ETF buzz

    Grayscale’s GBTC tops ETFs, Standard Chartered bullish on BTC, Meme Moguls trending in BTC ETF buzz

    • Standard Chartered forecasts $200K Bitcoin by late 2025, banking on ETF approval.
    • Grayscale’s GBTC outpaces 99% of ETFs, trading close to half a billion dollars.
    • Meme Moguls, a meme-backed stock market, enters the crypto space with presale buzz.

    As the crypto world buzzes with anticipation over the potential approval of spot Bitcoin ETFs in the US, major players are making bold predictions. Standard Chartered forecasts a staggering $200,000 target for Bitcoin by late 2025, contingent on ETF approval.

    Simultaneously, Grayscale’s Bitcoin Trust (GBTC) is making waves, outpacing the majority of ETFs in trading volume. Amidst this, a new player, Meme Moguls, is poised to capitalize on the ETF momentum.

    Standard Chartered’s $200K Bitcoin projection with ETF approval

    Standard Chartered, a banking giant, has made a striking projection for Bitcoin’s future. The multinational firm predicts a potential surge to nearly $200,000 by late 2025, riding on the approval and success of Bitcoin exchange-traded funds (ETFs) in the US. This optimistic forecast, shared on X by Entrepreneur and Bitcoin investor Lark Davis, is underpinned by the belief that spot Bitcoin ETFs could attract significant inflows, ranging from $50-100 billion in 2024.

    The bank’s Head of Digital Assets, Geoff Kendrick, and Precious Metals Analyst Suki Cooper base this projection on the assumption that US-listed spot Bitcoin ETFs could hold a substantial amount of Bitcoin by the end of 2024, potentially multiplying its current price by 4.3 times. Kendrick and Cooper draw parallels with the growth trajectory of gold exchange-traded products, envisioning a more rapid ascent for Bitcoin given the expected faster development of the BTC ETF market.

    Grayscale’s GBTC outpaces ETFs in trading volume

    While Standard Chartered makes forward-looking predictions, Grayscale’s Bitcoin Trust (GBTC) has already demonstrated significant prowess.

    According to industry expert Eric Balchunas, GBTC traded close to half a billion dollars on January 8, surpassing over 99% of the approximately 3,000 existing ETFs. Balchunas points out that if spot Bitcoin ETFs get approved, Grayscale will enter the market with substantial trading volume, giving it a significant advantage over its competitors.

    Meme Moguls seizing the opportunities amid the ETF buzz

    In the midst of the ETF buzz, a newcomer is entering the arena – Meme Moguls. This platform positions itself as the world’s first meme-backed stock market/exchange. As the crypto community eagerly awaits the potential approval of spot Bitcoin ETFs, Meme Moguls aims to capitalize on the growing interest in the cryptocurrency market.

    The Meme Moguls ecosystem is powered by the Meme Moguls Governance Token ($MGLS), featuring diverse meme-inspired assets and engaging community-driven features like a casino, trading platform, fantasy trader, and a metaverse world named Mogul Land.

    Meme Moguls is currently in the presale stage of its MGLS token, offering participants an opportunity to get involved in the world of meme trading and potentially become part of a groundbreaking utility-based memecoin. With a $10,000 giveaway at the end of each presale stage and ambitious plans to create 100 millionaires within the first three months of launch, Meme Moguls is setting high expectations.

    In the presale’s current stage, participants can access $MGLS for $0.0027, with a total supply of 3 billion tokens. Analysts predict substantial growth for $MGLS, aligning with the overall bullish sentiment in the cryptocurrency market.

    Conclusion

    In this dynamic landscape, where traditional financial institutions make ambitious forecasts, established entities like Grayscale showcase real-time strength, and emerging platforms like Meme Moguls strive to carve their niche, the crypto market remains an ever-evolving space.

    As the spotlight remains on the potential approval of spot Bitcoin ETFs, these developments mark significant steps in the maturation of the cryptocurrency ecosystem.

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  • Bitcoin could hit $120,000 by the end of 2024: Standard Chartered

    Bitcoin could hit $120,000 by the end of 2024: Standard Chartered

    bitcoin price forecast 2024 standard chartered analyst
    • Standard Chartered analyst sees another 60% upside in Bitcoin this year.
    • Geoff Kendrick explained his bullish view on BTC in a research note today.
    • Bitcoin is already up a whopping 85% since the start of the year 2023.

    The massive rally in Bitcoin since the start of this year is just a drop in the bucket compared to where it’s headed, as per a Standard Chartered analyst.

    BTC could climb another 60% this year

    On Monday, Geoff Kendrick said the world’s largest cryptocurrency could climb further to $50,000 by the end of 2023 which suggests another 60% upside from here.

    The analyst is convinced that a continued increase in the price of BTC will make it rewarding for miners to stock huge amounts of it. Reduced net supply, in return, will help the cryptocurrency reach for the skies, he added.

    If BTC rises [as] we expect by end-2023, share of newly mined being sold should fall to 20%-30%. That’s a net annual reduction in selling of BTC 250,000.

    Bitcoin supply is set to halve next year

    Note that the total supply of Bitcoin is scheduled to halve in April or May of 2024.

    The Standard Chartered analyst sees several other factors helping unlock significant upside in BTC next year. One of them is the recent banking crisis. Earlier this year, he had forecast Bitcoin at $100,000 by the end of 2024. In a note today, though, Kendrick said:

    We now think this estimate is too conservative, and we, therefore, see a 20% upside to our end-2024 target.

    That essentially means Bitcoin could hit $120,000 next year. The cryptocurrency is expected to benefit if the Securities and Exchange Commission greenlights a Spot Bitcoin ETF that many asset managers, including BlackRock, have recently filed for.

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