Standard Chartered estimates further upside for Bitcoin

Bitcoin is currently listed at $62,626.23, down by 1.45% in the last 24 hours. Despite the majority of the community anticipating a surge post-Bitcoin Halving, a long-awaited consolidation occurred. The ongoing phase of BTC has raised questions about its future predictions—for instance, if BTC will even break the trend for a new ATH or if it will trend around a restricted range. Standard Chartered has come forward, saying that Bitcoin could have a further upside. It has even raised the 2025 end prediction from $150,000 to $200,000.

That depends on how things work out in the US market, including the upcoming political scenario. Donald Trump is likely to take the chair after a small gap. Analysts believe that having a Republican administrator in the office will boost the value of Bitcoin and the crypto market as a whole. For one, there is a chance that a loser regulation could be introduced. Second, the de-dollarization campaign is likely to contribute to a surge.

One factor that is also likely to spark momentum in the prices of BTC and other cryptocurrencies is the approval of more Spot ETF applications. The SEC last approved eleven Bitcoin Spot ETF applications. That triggered an inflow into the market via established and new traders and investors, including those who were just getting started. More approvals could help Bitcoin sail through the uncertainty and volatility seamlessly.

Bitcoin last achieved a peak of $74,000 in March 2024. That is still plausible, provided BTC first tests the resistance at $68,000. Bitcoin price speculation suggests that BTC has a chance of ending the current year at $100,582. It could alternatively see a peak of around $89,000 by year-end. Both speculated estimates are on the higher side, aligning with sentiments displayed by technical indicators.

The Awesome Oscillator, also known as AO, shows green shades as a sign of positive territory. The Relative Strength Index, or RSI, backs it with optimism. Bulls continue to wait for the value to peak at $68,000, which will help test a stable break of the trendline.

The report by Standard Chartered comes at a time when the Asian market is beginning to gain momentum with Bitcoin. Japan and Singapore are likely to give the green light to Bitcoin ETFs. The winning political party in South Korea has clarified that they intend to allow Spot Bitcoin ETFs within the territory by June this year. Hong Kong has already launched Bitcoin and Ether ETFs. There are restrictions pertaining to access for mainland investors; however, Hong Kong is optimistic about the results that both ETFs will fetch.

Standard Chartered has maintained the speculation that the price of BTC is likely to bounce from the ongoing consolidation phase. The phase could prolong for the next couple of months, only to eventually make a breakthrough.

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

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