StanChart reaffirms $200k year-end projection for Bitcoin as US gov shutdown becomes tailwind

Customary Chartered’s head of digital property analysis, Geoffrey Kendrick, reaffirmed his year-end Bitcoin (BTC) worth goal of $200,000 on Oct. 2.

In accordance with Kendrick, recent ETF inflows and the U.S. authorities shutdown may drive the crypto to additional highs within the weeks forward.

In a observe to shoppers, Kendrick mentioned Bitcoin is poised to interrupt previous its all-time excessive inside days and will attain $135,000 within the coming weeks, slightly later than his earlier forecast.

Kendrick highlighted that web inflows into Bitcoin ETFs stand at almost $50 billion, with three months nonetheless to go within the yr.

Shutdown is a catalyst

Kendrick argued that the present shutdown carries extra weight than the 2018–2019 episode, when Bitcoin confirmed little response.

He famous that this yr, the asset has traded carefully with “U.S. authorities dangers,” mirrored in Treasury time period premiums, positioning it to learn as political gridlock deepens.

Prediction market Polymarket signifies a 60% chance the shutdown will final 10 to 29 days, a length Kendrick mentioned would doubtless bolster Bitcoin costs all through the interval.

ETF flows and market situations

Whereas gold ETFs have just lately outpaced Bitcoin ETF inflows, Kendrick predicted that the pattern will quickly reverse in favor of the digital asset. Inflows have been ramping up over the previous week and are anticipated to proceed.

In accordance with Kendrick, the demand for Bitcoin ETFs, mixed with the crypto’s growing correlation with macroeconomic danger indicators, reinforces its function as a maturing monetary asset.

He wrote:

“I might anticipate not less than one other $20 billion by year-end, a quantity which might make my $200,000 year-end forecast attainable.”

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