Bitcoin Poised for $130K Surge, Says Standard Chartered

Bitcoin could surge to $130,000 within the next two months, according to Geoff Kendrick, head of digital asset research at Standard Chartered.

In a recent market note, Kendrick stated that Bitcoin might soon begin testing new record highs, following its peak of $108,786 ten days ago. Currently, Bitcoin is trading at $105,003, after reaching an intraday high of $105,547 earlier on Thursday, per CoinGecko data.

Key Catalyst: SEC Drops SAB 121

One of the biggest factors behind Kendrick’s bullish outlook is the recent repeal of SAB 121, a Staff Accounting Bulletin introduced under former SEC Chair Gary Gensler.

• SAB 121 previously forced banks to classify customer crypto holdings as liabilities, making crypto custody more difficult for traditional financial institutions.
• Under the new pro-crypto administration, the rule was rescinded, potentially clearing the way for banks to offer crypto custody services without major balance sheet restrictions.

With this regulatory barrier lifted, Kendrick expects increased institutional flows into Bitcoin, which could push prices significantly higher.

Previous Bitcoin Price Predictions

This isn’t Standard Chartered’s first bold Bitcoin prediction:

• Last month, the bank forecasted that Bitcoin could reach $200,000 by the end of 2024.
• Earlier this week, Standard Chartered urged investors to “buy the dip” after Bitcoin briefly dropped below $100,000 due to a DeepSeek-induced sell-off in the U.S. equities market.

Institutional Adoption on the Rise

As regulatory barriers fall and institutional demand grows, Bitcoin’s price trajectory appears increasingly bullish.

With the SEC easing restrictions and more financial giants entering the space, Standard Chartered’s prediction of $130,000 Bitcoin within two months might not be far-fetched.

As market sentiment shifts upward, all eyes are now on whether Bitcoin can break its all-time high and continue its parabolic rise in 2024.