BTC Price Target of $200K Still in Play, Driven by ETFs, Corporate Treasuries: StanChart

Bitcoin

is ready to defy historic post-halving patterns and push towards an all-time excessive in the second half, funding financial institution Standard Chartered (STAN) stated in a analysis report Wednesday.

The cryptocurrency’s value sometimes falls about 18 months after the halving, a quadrennial occasion that slows the speed of development in bitcoin provide. This time, structural assist from institutional traders is anticipated to counter any such weak point, stated Geoff Kendrick, head of digital property analysis at Standard Chartered.

“The bitcoin halving cycle is dead,” Kendrick wrote.

The analyst reiterated his year-end bitcoin value forecast of $200,000, and stated he expects the most important cryptocurrency to rise to round $135,000 by the top of the third quarter.

Strong inflows from spot bitcoin exchange-traded funds (ETFs) and renewed company treasury demand, which mixed totaled 245,000 BTC in the second quarter, are seen as key drivers, and are anticipated to speed up in the approaching months, the report stated.

Macro tailwinds embrace a potential early departure by Fed Chair Jerome Powell and progress on U.S. stablecoin laws, each of which might gasoline additional upside, the report added.

Read extra: U.S. Strategic Bitcoin Reserve Marks Milestone in Institutional Adoption: Gemini