Geoffrey Kendrick, Standard Charteredโs Head of Digital Assets Research, has revised the bankโs Bitcoin target, citing unexpected momentum driven by substantial ETF inflows as of October 2023.
The revision signals shifting dynamics in Bitcoinโs valuation, with significant investment inflows suggesting stronger market support than previously anticipated.
Surging ETF Inflows Prompt Bitcoin Forecast Change
Geoffrey Kendrick, a notable figure in digital asset strategy at Standard Chartered, has revised his Bitcoin price projections as significant ETF inflows prompt a reevaluation. The bankโs prior quarterly target is now seen as potentially understated.
Kendrick, apologizing to clients for possibly underestimating Bitcoinโs momentum, highlighted the role of record institutional accumulation and surging investor sentiment as pivotal factors elevating the cryptocurrencyโs outlook. โThe dominant story for Bitcoin has changed again. It is now all about flows. And flows are coming in many forms.โ โ Geoffrey Kendrick
$5.3 Billion Invested in Bitcoin ETFs in Three Weeks
The inflow of $5.3 billion into US-listed spot Bitcoin ETFs in just three weeks underscores a crucial market shift. Such substantial institutional interest could significantly alter Bitcoinโs short to medium-term valuation models.
Record-breaking ETF inflows position Bitcoin as a potential safe haven, reminiscent of shifts towards gold. These developments echo past cycles, reinforcing Bitcoinโs burgeoning credibility among institutional investors as a key asset class.
Bitcoin Targets Rise Amid Institutional Confidence
Historically, significant ETF and institutional inflows have led to upward revisions in Bitcoin price targets by major analysts. A similar scenario unfolded during the 2020โ2021 crypto rally, underpinning market confidence.
Experts such as Michael Saylor speculate that the current trajectory could push Bitcoinโs market cap to unprecedented levels, buoyed by institutional confidence and strategic accumulation practices.
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