“Bitcoin‘s Unlikely Savior: Standard Chartered’s $500K Dream”
It appears that Bitcoin’s recent stumble has not deterred the stalwart optimists at Standard Chartered. Geoffrey Kendrick, the bank’s head of digital assets research, remains resolute in his prediction that Bitcoin will soar to a staggering $500,000 by the time Donald Trump’s presidency draws to a close đ¤Ż. One might expect a more measured tone from a seasoned banker, but Kendrick’s enthusiasm knows no bounds.
His forecast, despite the cryptocurrency’s three-month low, is based on the assumption that institutional participation will play a pivotal role in Bitcoin’s trajectory. And what better institutions to lead the charge than Standard Chartered and the venerable BlackRock? Kendrick’s words are music to the ears of crypto enthusiasts everywhere: “Within the crypto ecosystem, what we need are traditional financial players, like Standard Chartered, like BlackRock and others that have the ETFs now to really step in.” đ¸
âWithin the crypto ecosystem, what we need are traditional financial players, like Standard Chartered, like BlackRock and others that have the ETFs now to really step in,â he told CNBCâs Squawk Box Europe.
Kendrick’s rose-tinted glasses seem to be firmly in place as he attributes the rise in Bitcoin’s value to institutional adoption and increasing regulatory clarity. As major financial institutions like BlackRock and Standard Chartered deepen their involvement, he expects Bitcoin to stabilize, making the asset class more attractive to mainstream investors. One can almost hear the sound of champagne corks popping in celebration of this brave new world đĽ.
Crypto Market Hit by Declines, But Outlook Remains Strong
Bitcoin’s recent decline, which saw it drop below $92,000, has left some scratching their heads. But Kendrick remains undaunted, attributing the downturn to a slump in US tech stocks and a massive $1.5 billion hack targeting the crypto exchange Bybit. “Risk assets don’t like uncertainty, and so that’s what we’ve seen,” he said, as if uncertainty was a new concept in the world of high finance đ¤ˇââď¸.
Despite the recent decline, Kendrick remains confident that regulatory improvements will boost institutional participation, reducing volatility over time. He points to potential new US regulations around stablecoins and anti-money laundering laws as key drivers of future legitimacy and adoption. One can almost see the wheels turning in Kendrick’s mind as he contemplates the wonders of a regulatory utopia đ¤.
Bitcoin Faces Key Market Test as Short-Term Holders Struggle
The market uncertainty is reflected in Bitcoin’s Short-Term Holder Spent Output Profit Ratio (STH-SOPR), which is hovering near the critical 1.0 breakeven level. A report from Glassnode on February 24, 2025, suggests that breaking above this threshold historically signals bullish momentum, while failure could trigger another wave of selling. One can almost hear the sound of short-term holders holding their collective breath as they await the outcome đ¤.
#Bitcoinâs STH-SOPR (7D SMA) is testing breakeven (1.0) once again. Historically, breaking above 1.0 confirms a shift in momentum, while failure to do so often leads to renewed sell pressure. The last attempt in early Jan was successful but short-lived:
â glassnode (@glassnode) February 24, 2025
Over the past few months, STH-SOPR has fluctuated between 0.98 and 1.04, aligning closely with Bitcoin’s price movement. When the ratio peaked in November and December, Bitcoin followed with a steady climb towards $80,000 before cooling off. Now, the indicator suggests that short-term holders are hesitating between taking profits and enduring further market dips. One can almost see the indecision etched on their faces đ.
A decisive move above 1.0 could reignite buying pressure, possibly pushing Bitcoin towards its all-time highs. However, if the ratio dips further, additional selling could delay any meaningful recovery. Glassnode data also shows that short-term traders have been offloading Bitcoin at losses, putting more stress on the market. One can almost hear the sound of traders scrambling to cover their losses đŹ.
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2025-02-27 23:44