Core Viewpoint - Standard Chartered has revised its bitcoin price forecasts significantly downward, now expecting it to end the year at $100,000, halving its previous target of $200,000 set in June 2024 [1][2]. Group 1: Price Forecasts - The bank has also reduced its year-end bitcoin forecast for 2026 to $150,000 from $300,000 and lowered projections through 2029, while still anticipating a potential rise to $500,000 by 2030 [2]. - Bitcoin was trading at approximately $93,000, which is 26% below its record high of $126,273 reached on October 6 [4]. Group 2: Market Dynamics - Standard Chartered noted that the recent price action has necessitated a recalibration of bitcoin price forecasts, indicating a potential slowdown in buying from digital-asset-treasury companies [4][7]. - Digital-asset-treasury companies, which have been accumulating bitcoin, may face challenges as many have seen their share prices fall below the value of their crypto holdings, complicating further purchases [6][7]. Group 3: Institutional Activity - Michael Saylor's Strategy MST, a prominent bitcoin-treasury company, recently purchased approximately $1 billion worth of bitcoin, marking its largest acquisition since July [5]. - Despite this, Strategy has been trading at an 11% discount compared to its bitcoin holdings, reversing a previous premium that reached as high as 700% in 2020 [6].
This bank just halved its bitcoin price target down from $200,000. Here’s why.