Bitcoin Eyes All-Time High Due to Strong Institutional Support, Analyst Warns
Standard Chartered Analyst Forecasts New All-Time Highs
Bitcoin is poised for its best second-half performance ever, according to a Standard Chartered analyst, driven by unprecedented institutional interest and Treasury company purchases, marking a departure from past halving cycle patterns.
Geoff Kendrick, UK-based analyst, anticipates acquisitions exceeding Q2’s robust 245,000 BTC in the current quarter and the fourth quarter, suggesting the cryptocurrency is heading for a new all-time high above the previous $111,814 peak established in May.
“Bitcoin to print new all-time highs in H2,” Kendrick stated in a Wednesday note, published shortly before Bitcoin hit $109,000, its closest level in three weeks.
Unlike previous halving cycles, Kendrick argues that the absence of these historical declines is due to two critical absences: Treasury company support and Bitcoin ETFs/ETNs. He noted the record-breaking inflows into the BlackRock iShares Bitcoin Trust (IBIT), which now manages over $70 billion.
Price Rally Impetus
Bitcoin recently breached the $109,000 threshold, up over 2% day-to-day and 2.2% year-to-date for August.
Rising institutional treasury holdings are a significant driving force, with over 849,400 BTC ($92 billion) held by 141 publicly listed companies – including the company that pioneered the Bitcoin treasury strategy.
The rapid growth of the $130+ billion Bitcoin ETF complex, highlighted by IBIT’s record pace, and the continuation of corporate Bitcoin accumulation are reinforcing this new market dynamic.
Potential Consolidulation Amidst Uncertainty
Disclaimer: While the forecast is bullish, prices might face volatility, particularly in late Q3 and early Q4.
Kendrick acknowledged potential headwinds: “We think prices could be choppy… amid concerns about this pattern being repeated,” pointing to macroeconomic uncertainty and central bank rhetoric.
However, the analyst maintained confidence in the trajectory: “We expect prices to resume their uptrend, supported by continued strong ETF and Bitcoin treasury buying.”
A New Crypto Market Normal?
Eliminating historical halving cycle sell-offs marks a significant structural shift. The convergence of ETF mainstream acceptance, validated by institutional actors like Strategy acquiring substantial amounts (over 600,000 BTC, $65 billion), signals Bitcoin has transcended the early-stage market infatuation phase.
