Global bank Standard Chartered has significantly raised its forecast for Bitcoin (BTC) prices, citing increased institutional buying and strong exchange-traded fund (ETF) inflows after last month’s network halving.
Digital asset research head Geoff Kendrick predicts BTC could reach new highs of $135,000 by the end of Q3 and breach the $200,000 threshold by year-end. This substantially revises the bank’s previous target of $500,000 by 2028.
Bullish Outlook Despite Halving Impact
Kendrick stated, “Thanks to increased investor flows, we believe BTC has moved beyond the previous dynamic whereby prices fell 18 months after a ‘halving’ cycle.” He argued that the common halving trend trajectory—which would have pointed towards a price decline in September/October 2025—is unlikely due to powerful new demand drivers present since the April halving.
The bank anticipates prices will follow an “uptrend supported by continued strong ETF and Bitcoin treasury buying”—impulses absent in prior halving cycles. Standard Chartered recorded 245,000 BTC equivalent in corporate treasury holdings and ETF flows this quarter, a volume they project exceeding in both Q3 and Q4.
Contrasting Indicators: ETF Flows Reverse
Kendrick delivered his forecast despite spot Bitcoin ETF inflows reversing just as planned reached their apex. US spot Bitcoin ETFs reported $342.3 million in net outflows on Tuesday, marking the first outflows since June 6, and wiping out 7% of the record $4.8 billion net inflow total over the preceding 15-day auction window.
However, Kendrick downplayed this short-term reversal, emphasizing that the underlying trend remains strong. He noted that while the immediate market sentiment might waver amidst this pullback, long-term fundamentals suggest sustained upward momentum.
