Standard Chartered Sees Bitcoin Surging to $130,000 in Near Future
Geoff Kendrick, the head of digital asset research at Standard Chartered, has predicted that the price of Bitcoin could rocket to $130,000 within the next two months.
In his recent note, Kendrick stated that he expected the flagship cryptocurrency to possibly start testing a new record high in the coming days.
Bitcoin peaked at $108,786 10 days ago, according to CoinGecko data. The leading cryptocurrency is currently changing hands at $105,003 after reaching an intraday high of $105,547 earlier this Thursday.
SEC's game-changing move
The analyst highlighted the SEC's decision to drop SAB 121 (Staff Accounting Bulletin 121) as one of the main bullish catalysts that could propel the price of the leading cryptocurrency higher.
The interpretive guidance, which was introduced during Gary Gensler's reign at the SEC, made it significantly more challenging for major banking institutions to wade into crypto custody since third-party digital assets had to be recorded as a liability on their balance sheets.
Alex DovbnyaThe new pro-crypto administration wasted no time rescinding SAB 121, and this could potentially lead to broader institutional adoption since major banking institutions are no longer encumbered by the aforementioned requirements.
Now, Kendrick expects to see an uptick in institutional flows, which could potentially push the Bitcoin price higher.
Previous price predictions
Last month, Standard Chartered predicted that the price of Bitcoin could potentially surge to $200,000 by the end of this year.
Earlier this week, the bank presciently urged investors to buy the dip after the price of the leading cryptocurrency dipped below $100,000 on Monday due to a DeepSeek-induced sell-off that hit the U.S. equities market.
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