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Despite the sharp drop in Bitcoin at the beginning of this month due to the trade war initiated by US President Trump, which saw Bitcoin plummet from $99,000 to a low of $91,000,
Standard Chartered Bank has not changed its positive outlook on Bitcoin.
In the latest report, Geoff Kendrick, the global head of Standard Chartered's digital asset research, reiterated his forecast that Bitcoin will reach a new high of $200,000 this year, and added that Bitcoin will then rise by $100,000 each year, reaching $500,000 by the end of Trump's term.
Why can Bit continue to rise?
Regarding his prediction, Kendrick stated that the friendly regulatory environment for Cryptocurrencies under the Trump administration, as well as the expansion of investment channels for this asset, will provide support for Bit. Specifically, these reasons include:
- The
Bit spot ETF, which was officially approved by the US SEC for listing in January last year, has already attracted billions of dollars in net inflows, and the market demand has been released due to the expansion of investment channels;
- The
US Accounting Standards Board has taken an important step, allowing Bit to be recorded on corporate balance sheets at fair market value;
- The Trump administration is expected to establish a
Bit reserve.
Bit funding rate turns negative
Regarding the short-term trend of Bit, a Cryptocurrency analyst cited CryptoQuant data
indicating that the current Bit funding rate has turned negative again, and based on historical data, this is the seventh time the Bit funding rate has turned negative in the past year, and the previous six negative funding rates were accompanied by strong rebound bullish momentum. (However, Blocktemple reminds readers that this data cannot be used as an absolute standard, and investors still need to be cautious.)
In addition, CryptoQuant's official account also posted on the social platform X
stating that Bit whales have recently accumulated more than 30,000 BTC again through over-the-counter transactions.
Analyst: Whales buy a large number of call options
Adam, an analyst at Greeks.live, also posted on X
stating that although the overall Cryptocurrency market experienced a major correction in February, during the recent plunge, whales have again bought a large number of call options, suggesting that the overall market sentiment is still leaning towards optimism:
"The market differentiation is now very clear, Bit is being chased by both insiders and outsiders, with strong capital support, while Altcoins represented by ETH have shrunk significantly, and the expected Altcoin season has not yet arrived.
However, we can see from the options data that the Skew of Bit and ETH both remain positive, and whales have also bought a large number of call options during the correction, indicating that the market is still optimistic about the future, and the temporary correction has shaken market confidence, but the future of Cryptocurrencies is bright."
