Bitcoin will reach $500,000 per coin by 2030 despite its recent 36% decline from October highs to around $80,500 in late November, according to British bank Standard Chartered.
The bank released its forecast recently, pushing back its target date by two years from previous estimates, cryptocurrency media outlet Finbold reported Sunday. Standard Chartered characterized the current correction as "a passing cold breeze rather than a harsh winter," maintaining its long-term bullish outlook on the cryptocurrency.
"Portfolio optimization analysis between Bitcoin and gold reveals that Bitcoin remains significantly underweighted in global portfolios," Geoffrey Kendrick, global head of digital assets research at Standard Chartered, said in an investor note. "Although it will take longer than originally expected, Bitcoin will reach $500,000 by 2030."
Kendrick noted that the correction to $80,500 in late November "remains within normal range compared to historical drawdowns since the ETF launches." He added: "While we have revised our short-term path, our long-term view that Bitcoin will eventually reach $500,000 remains unchanged."
Kendrick identified ETF inflows as the key variable that will determine future prices, stating that "long-term ETF buyers will be the decisive factor in supply and demand dynamics."
