1 hour ago
Standard Chartered’s caput of integer assets research, Geoffrey Kendrick, reaffirmed his year-end Bitcoin (BTC) terms people of $200,000 connected Oct. 2.
According to Kendrick, caller ETF inflows and the U.S. authorities shutdown could thrust the crypto to further highs successful the weeks ahead.
In a enactment to clients, Kendrick said Bitcoin is poised to interruption past its all-time precocious wrong days and could scope $135,000 successful the coming weeks, a small aboriginal than his previous forecast.
Kendrick highlighted that nett inflows into Bitcoin ETFs basal astatine astir $50 billion, with 3 months inactive to spell successful the year.
Shutdown is simply a catalyst
Kendrick argued that the existent shutdown carries much value than the 2018–2019 episode, erstwhile Bitcoin showed small reaction.
He noted that this year, the plus has traded intimately with “U.S. authorities risks,” reflected successful Treasury word premiums, positioning it to payment arsenic governmental gridlock deepens.
Prediction marketplace Polymarket indicates a 60% probability the shutdown volition past 10 to 29 days, a duration Kendrick said would apt bolster Bitcoin prices passim the period.
ETF flows and marketplace conditions
While golden ETFs person precocious outpaced Bitcoin ETF inflows, Kendrick predicted that the inclination volition soon reverse successful favour of the integer asset. Inflows person been ramping up implicit the past week and are expected to continue.
According to Kendrick, the request for Bitcoin ETFs, combined with the crypto’s expanding correlation with macroeconomic hazard indicators, reinforces its relation arsenic a maturing fiscal asset.
He wrote:
“I would expect astatine slightest different $20 cardinal by year-end, a fig which would marque my $200,000 year-end forecast possible.”
The station StanChart reaffirms $200k year-end projection for Bitcoin arsenic US gov shutdown becomes tailwind appeared archetypal connected CryptoSlate.
English (US) 