Standard Chartered analyst Geoffrey Kendrick remains bullish on bitcoin, predicting it will reach $500,000 during Donald Trump’s presidency despite a recent selloff that sent the cryptocurrency to a three-month low.
Kendrick told CNBC he expects bitcoin to hit $200,000 this year, driven by increasing institutional adoption and regulatory clarity in the U.S. He cited the involvement of financial giants like BlackRock and Standard Chartered in crypto ETFs as key factors in stabilizing the market.
Bitcoin recently fell below $90,000, down 20% from its January peak of $108,786, amid global market uncertainty and the $1.5 billion hack of crypto exchange Bybit. Kendrick attributed the decline to concerns over tariffs and ongoing conflicts, but expects sentiment to improve with upcoming regulations on stablecoins and anti-money laundering.
Trump’s pro-crypto stance has fueled optimism, with bitcoin surpassing $100,000 in December following his election. His administration has promoted digital asset growth, and crypto-related donations played a major role in the 2024 campaign.
