StanChart reaffirms $200k year-end projection for Bitcoin as US gov shutdown becomes tailwind
Standard Chartered’s head of digital belongings analysis, Geoffrey Kendrick, reaffirmed his year-end Bitcoin (BTC) value goal of $200,000 on Oct. 2.
According to Kendrick, contemporary ETF inflows and the U.S. authorities shutdown might drive the crypto to additional highs within the weeks forward.
In a notice to shoppers, Kendrick stated Bitcoin is poised to interrupt previous its all-time high inside days and will attain $135,000 within the coming weeks, a little bit later than his previous forecast.
Kendrick highlighted that internet inflows into Bitcoin ETFs stand at almost $50 billion, with three months nonetheless to go within the 12 months.
Shutdown is a catalyst
Kendrick argued that the present shutdown carries extra weight than the 2018–2019 episode, when Bitcoin confirmed little response.
He famous that this 12 months, the asset has traded intently with “U.S. authorities dangers,” mirrored in Treasury time period premiums, positioning it to profit as political gridlock deepens.
Prediction market Polymarket signifies a 60% chance the shutdown will final 10 to 29 days, a length Kendrick stated would seemingly bolster Bitcoin costs all through the interval.
ETF flows and market situations
While gold ETFs have not too long ago outpaced Bitcoin ETF inflows, Kendrick predicted that the pattern will quickly reverse in favor of the digital asset. Inflows have been ramping up over the past week and are anticipated to proceed.
According to Kendrick, the demand for Bitcoin ETFs, mixed with the crypto’s rising correlation with macroeconomic threat indicators, reinforces its function as a maturing monetary asset.
He wrote:
“I might anticipate at the very least one other $20 billion by year-end, a quantity which might make my $200,000 year-end forecast attainable.”
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