Bitcoin’s next leg up will depend almost entirely on ETF inflows, with corporate DAT buying now “likely over,” said the bank.
Standard Chartered cut its Bitcoin (BTC) forecasts on Tuesday following a nearly 30% drop from the all-time high the asset reached in October.
In its report, the bank claimed that the recent peak, which occurred roughly 18 months after the 2024 halving, has reignited "crypto winter" concerns, but that halving cycles are no longer the primary price driver. Standard Chartered stated that the drop is "normal" when compared to previous drawdowns since U.S. spot ETFs launched.
Instead, the bank expects the next rise to be almost entirely driven by ETF inflows, with corporate Bitcoin digital-asset treasury (DATs) companies' buying "likely over." The bank expects Bitcoin to reach $500,000 by 2030, now, two years later than originally estimated.
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