Bitcoin
is about to defy historic post-halving patterns and push towards an all-time excessive in the second half, funding financial institution Standard Chartered (STAN) mentioned in a analysis report Wednesday.
The cryptocurrency’s value usually falls about 18 months after the halving, a quadrennial occasion that slows the speed of progress in bitcoin provide. This time, structural assist from institutional traders is predicted to counter any such weak point, mentioned Geoff Kendrick, head of digital property analysis at Standard Chartered.
“The bitcoin halving cycle is dead,” Kendrick wrote.
The analyst reiterated his year-end bitcoin value forecast of $200,000, and mentioned he expects the biggest cryptocurrency to rise to round $135,000 by the tip of the third quarter.
Strong inflows from spot bitcoin exchange-traded funds (ETFs) and renewed company treasury demand, which mixed totaled 245,000 BTC in the second quarter, are seen as key drivers, and are anticipated to speed up in the approaching months, the report mentioned.
Macro tailwinds embrace a doable early departure by Fed Chair Jerome Powell and progress on U.S. stablecoin laws, each of which may gasoline additional upside, the report added.
Read extra: U.S. Strategic Bitcoin Reserve Marks Milestone in Institutional Adoption: Gemini
