Global banking giant Standard Chartered remains bullish on Bitcoin’s trajectory for the remainder of 2024, citing strong institutional buying and sustained ETF inflows as key drivers.
Bitcoin Price Projections: $135K in Q3, $200K by Year-End
According to a July 2 research report shared with Cointelegraph, Standard Chartered’s digital assets research lead Geoff Kendrick forecasts:
– Q3 2024 Target: Bitcoin breaking its previous all-time high of $135,000
– Year-End Target: Surpassing $200,000 per BTC
👉 Discover how institutional adoption is reshaping crypto markets
Kendrick noted: “With accelerating investor inflows, Bitcoin has diverged from its traditional post-halving price correction pattern that typically occurs 18 months after the event.” Historically, BTC prices would decline around September/October 2025 following halving cycles.
This optimistic outlook extends beyond 2024, with the bank projecting a long-term target of $500,000 per Bitcoin by 2028.
Why Bitcoin’s Halving Cycle May No Longer Apply
Standard Chartered’s analysis highlights four critical factors challenging historical halving patterns:
- Institutional ETF Participation: Unprecedented in previous cycles
- Corporate Treasury Adoption: Companies like MicroStrategy holding BTC as reserve assets
- Regulatory Clarity: Improved framework compared to 2016/2020
- Global Liquidity Conditions: Macroeconomic factors supporting risk assets
Table: Bitcoin Halving Events vs. Price Performance
| Halving Year | Price 18 Months Later | Key Differences in 2024 |
|————–|———————–|————————-|
| 2016 | -38% correction | Spot ETF approvals |
| 2020 | -53% correction | Institutional custody solutions |
| 2024 | Projected growth | Regulatory clarity |
Short-Term Volatility Considerations
While maintaining an overall bullish stance, Standard Chartered warns investors about potential Q3-Q4 volatility due to:
– Market psychology around historical halving patterns
– Profit-taking behaviors
– Macroeconomic uncertainty
👉 Learn strategies to navigate crypto market cycles
Frequently Asked Questions
Q: Why does Standard Chartered’s forecast differ from traditional halving models?
A: The combination of spot ETFs and institutional adoption creates demand-side dynamics absent in previous cycles.
Q: What could derail Bitcoin’s rally to $200K?
A: Black swan events like exchange collapses, regulatory crackdowns, or prolonged global recession risks.
Q: How should retail investors approach this market?
A: Dollar-cost averaging and portfolio diversification remain prudent strategies during volatility.
Q: Are other banks making similar predictions?
A: While some firms like Bernstein share optimism, traditional banks generally maintain more conservative estimates.
The report concludes that Bitcoin’s evolving market structure—now influenced by regulated financial products—fundamentally alters its price discovery mechanisms compared to previous eras dominated by retail speculation.