2024-12-05 14:58:10
$870 billion asset manager that accurately predicted Bitcoin’s $100k target sets 2025 price
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With Bitcoin ( BTC ) hitting the $100,000 milestone, banking giant Standard Chartered is projecting that the maiden cryptocurrency will rally by about 100% in the coming year. Specifically, the $870 billion asset manager has set a price target of $200,000 in 2025. If Bitcoin hits this record, the asset will command a market cap of $3.96 trillion. This will make it the second most valuable asset, just behind gold , assuming other investment products record modest growth during the same period. Geoff Kendrick, the bank’s Global Head of Digital Assets Research, noted that institutional investors will continue to influence the $200,000 valuation. He stated that institutional capital inflows into the asset will continue at or exceed the pace set in 2024, ensuring Bitcoin’s ascent maintains momentum. Additionally, Kendrick highlighted the rapid progress of companies like MicroStrategy (NASDAQ: MSTR ), which is ahead of its $42 billion, three-year Bitcoin acquisition plan . To this end, the analyst anticipates that MicroStrategy’s purchases in 2025 could match or even surpass its 2024 acquisitions in terms of their ability to influence Bitcoin’s price. Commenting on Bitcoin’s current record high, Standard Chartered pointed to the role of institutions in driving momentum. In this case, the bank stated that the Bitcoin Exchange-Traded Fund ( ETF ) launched a flood of institutional investment into the cryptocurrency. Standard Chartered Bitcoin $100,000 prediction Indeed, Standard Chartered’s prediction carries significant weight, considering that the institution had accurately forecast the $100,000 target by the end of 2024. Throughout the year, Kendrick reiterated this prediction, citing catalysts such as the United States presidential election, the entry of institutions into the market via ETFs, and the impact of Bitcoin’s halving. Bitcoin has surged since the election of Donald Trump, who is expected to push for crypto-friendly policies. The asset initially struggled at the $100,000 resistance zone but hit a new record high after Trump nominated crypto ally Paul Atkins as the next chair of the Securities and Exchange Commission ( SEC ). Atkins is set to replace Gary Gensler, who has been widely criticized for allegedly stifling the cryptocurrency space. Additionally, Bitcoin gained further upside after Federal Reserve Chair Jerome Powell stated that he did not view the asset as a competitor to the dollar but likened it to gold. Bitcoin price analysis Bitcoin was trading at $103,140 at press time, having rallied by over 7% in the last 24 hours. The latest gains have pushed Bitcoin’s year-to-date increase to 133%. Bitcoin seven-day price chart. Source: Finbold At its current price, Bitcoin has the potential to rally further. However, attention should focus on its interaction with the $100,000 support zone and the $105,000 resistance level. Breaking either of these levels could play a pivotal role in determining Bitcoin’s next move. Featured image via Shutterstock The post $870 billion asset manager that accurately predicted Bitcoin’s $100k target sets 2025 price appeared first on Finbold .