Despite Bitcoin facing plenty of turbulence, financial giant Standard Chartered is sticking by its bullish prediction, forecasting that the price of the leading cryptocurrency by market capitalization will surge to $100,000.
Even though some analysts expect BTC to plunge way below the $60,000 level, the firm believes that the flagship cryptocurrency is actually a "screaming buy" at the current level (roughly $64,000).
Strategy fears are overblown
The market fear surrounding Strategy's recent Bitcoin sales is actually overblown, according to Standard Chartered.
Last month, BTC plunged lower amid concerns about STRC, the dividend-paying preferred stock issued by the Virginia-headquartered firm, diving below the $100 level, thus weakening the capital-raising ability of the leading corporate Bitcoin holder.
However, Standard Chartered now expects Bitcoin to reclaim the aforementioned level. This will eliminate the need for Strategy to perform additional BTC sales, given that the company would be able to meet its financial obligations without them.
Evolving price targets
Standard Chartered's price targets should be taken with a grain of salt, given that the company has a history of uber-bullish price targets that never materialized.
In 2024, for instance, the banking institution raised its 2024 year-end forecast to as much as $150,000. Moreover, it predicted that the latest bullish cycle would peak at $250,000 in 2025. Despite BTC struggling to reach these price targets, Standard Chartered's analysts ended up doubling down on their bullishness, predicting that BTC would hit $200,000 by the end of the previous year due to ETF flows and seemingly steady corporate treasury demand.
Deteriorating risk appetite, persistent ETF outflows and fading expectations for Federal Reserve rate cuts prompted the bank to reduce its forecast first to $150,000 and later to $100,000 for 2026.
Dan Burgin
U.Today Editorial Team
