Standard Chartered Sticks to $500K Bitcoin Target Despite Market Dip

As the bearish month of February comes to an end, the majority of assets in the cryptocurrency market were seen enduring losses. Bitcoin (BTC) was leading this downtrend as the king coin dipped below the $80,000 mark. While newbies were panic selling and some were buying the dip, Standard Chartered restored hope into the chaotic BTC market.

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$500,000 Still On The Cards For Bitcoin

As soon as Bitcoin hit the $100,000 mark, a plethora of predictions for the king coin started flowing in. While some were betting on $200,000, a few others were setting ambitious targets like $500,000. But the asset’s latest drop to a low of $78,899.26 has left investors feeling bearish. Amidst this, Standard Chartered’s head of digital assets analysis, Geoffrey Kendrick, told CNBC that he thinks Bitcoin will reach $200,000 this year. Furthermore, the optimistic cryptocurrency expert continues to predict that under Donald Trump’s administration, the price of bitcoin would reach $500,000.

Kendrick said,

“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. As the industry becomes more institutionalized, it should be safer.”

He thinks greater regulatory clarity in the US market is necessary for this to occur. According to Kendrick, price stabilization and regulatory certainty are the prerequisites for big financial institutions to feel comfortable investing in Bitcoin and other cryptocurrency assets.

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How Is The King Coin Trading At The Moment?

At the time of writing, Bitcoin was trading at $79,087.27. This comes after the king coin dropped by nearly 10% over the past 24 hours. It should be noted that BTC was trading at a high of $87,000.78, earlier today. The world’s largest cryptocurrency decreased by about 20% throughout this week. Bitcoin is currently priced at a three-month low.

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