Despite the current cryptocurrency selloff, British bank Standard Chartered (LON:STAN) has reiterated its bullish price target on Bitcoin (BTC) of $500,000.
Specifically, Standard Chartered sees the price of BTC reaching half a million dollars during Donald Trump’s current presidency. Analysts at the bank say that their forecast includes Bitcoin hitting the $200,000 mark by the end of this year, then climbing higher over the coming few years.
The bullish call from Standard Chartered comes as Bitcoin’s price continues to slump, falling as low as $82,000 in the last 24 hours. The largest cryptocurrency by market capitalization is down more than 20% from an all-time high of just over $109,000 reached on Jan. 20, the day of U.S. President Donald Trump’s inauguration.
Crypto Winter?
While some analysts are now fretting about the possibility that we’re entering a new crypto winter, Standard Chartered said that it sees the current drawdown as a temporary setback amid Bitcoin’s relentless march higher.
The bank’s crypto team said that increased adoption of crypto among institutional investors, combined with “regulatory clarity” from the Trump administration, should lead to less volatility in the price of BTC and keep the long-term rally in crypto going.
Bitcoin is currently trading at $84,900 per digital token.
Is BTC a Buy?
Most Wall Street firms don’t offer ratings or price targets on Bitcoin, so we’ll look at the cryptocurrency’s three-month performance instead. As one can see in the chart below, the price of BTC has declined 11.79% in the last 12 weeks.
