Bitcoin $200K goal is still playing, ETF promoted and corporate finance purchases: Stanchart

Bitcoin

It is set to push towards the late-long history highs, defying the historic post-Hurning pattern, the Investment Bank Standard Charter (STAN) said in its investigation report on Wednesday.

Cryptocurrency prices usually fall around 18 months after harving. This is a square event that slows the growth rate of Bitcoin supply. Geoff Kendrick, Head of Digital Asset Research at Standard Chartered, said structural support from institutional investors is expected to counter such weaknesses.

“The Bitcoin Harving Cycle is dead,” Kendrick wrote.

Analysts said they expect the largest cryptocurrency to rise to around $135,000 by the end of the third quarter, repeatedly following a year-end Bitcoin price forecast of $200,000.

A strong inflow from Spot Bitcoin Exchange Trade Funds (ETFs) and an update of the Corporate Treasury demand, combined with a total of 245,000 BTC in the second quarter, is considered a major driver and is expected to accelerate in the coming months.

Macro Tailwinds includes the possibility of early departures by Federal Reserve Chairman Jerome Powell, as well as progress on the US Stablecoin Act.

read more: Milestones of the US Strategic Bitcoin Reserve Mark in Institutional Adoption: Gemini