Investing.com — Top cryptocurrency proponents on Wall Street are compelled to lower their short-term outlooks after the recent market downturn, writes Bloomberg.
Standard Chartered bank halved its projection for the price of Bitcoin. Analysts now anticipate the digital currency will reach $150,000 by the close of 2026, whereas previously they forecasted $300,000. Achieving the long-term target of $500,000 has been moved from 2028 to 2030.
Geoffrey Kendrick, the bank’s head of digital asset research, attributed this to a decline in demand from corporate treasuries. According to him, firms ceased large-scale accumulation of Bitcoin, and the market’s sole support remains inflows into ETFs, but even these are weakening.
Bernstein analysts also abandoned their bold forecast of reaching a peak of $200,000 this year. Based on their updated figures, Bitcoin will hit $150,000 by the end of next year and approach $200,000 by the close of 2027.
Nevertheless, Bernstein experts maintain optimism, believing that Bitcoin has moved beyond its historical four-year cycle. Their very long-term projection remains substantial: $1,000,000 by 2033.
The revision of forecasts occurs amidst a correction: Bitcoin’s price has dropped nearly 30% from its October peak, which surpassed $126,000. Fund outflows are also apparent in the ETF sector: last month, investors withdrew approximately $2.3 billion from BlackRock’s fund.
Nevertheless, the cryptocurrency has been rising in recent days and, as of Wednesday morning, is trading around $92,600. Analysts note that institutional investors continue to maintain their holdings, which helps offset panic selling by retail traders.
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