Key Takeaways
- Standard Chartered sees Bitcoin reaching $500,000 eventually.
- Debate over “digital gold” thesis.
- Technical signals point to consolidation.
Bitcoin’s turbulent start to the year has done little to dampen long-term bullish price calls from major institutions, with a Standard Chartered analyst projecting that Bitcoin could eventually reach $500,000.
Bitcoin has fallen roughly 20% year-to-date, currently trading just over $70,000, reflecting broader risk-averse investors and tighter financial conditions.
However, some analysts remain certain that the current weakness may precede a longer-term surge.
Standard Chartered’s $500,000 Call
Geoffrey Kendrick, head of digital assets research at Standard Chartered, has outlined both near-term downside risks and a longer-term bullish trajectory for Bitcoin.
According to a Motley Fool article by analyst Adam Spatacco, Kendrick expects Bitcoin to fall to around $50,000 in the short term.
However, Kendrick maintains that the current downturn is less severe than previous “crypto winters” and sees scope for a rebound toward $100,000 by year-end.
The bank’s longer-term projection — that Bitcoin could reach $500,000 — is rooted in structural shifts in demand.
Kendrick argues that increasing institutional adoption, particularly via spot Bitcoin exchange-traded funds (ETFs), could significantly expand capital inflows into the asset.
He also highlights Bitcoin’s fixed supply of 21 million coins, reinforcing its “digital gold” narrative.
Fact Check: How Realistic Is the $500,000 Bitcoin Price Target?
While Kendrick’s thesis reflects growing institutional interest, several assumptions underpinning the $500,000 forecast remain debated.
First, the comparison to gold — often used to justify Bitcoin’s upside — is not straightforward.
Erik Norland, chief economist at CME Group, said the relationship between crypto and traditional safe-haven assets such as gold remains weak.
“Beyond a brief positive correlation in 2020 and 2021, crypto assets generally remain uncorrelated with gold,” he wrote.
Gold’s market capitalization is also estimated at roughly $30–35 trillion, far exceeding Bitcoin’s approximately $1.4 trillion valuation.
Matching gold’s market size would imply Bitcoin prices well above $1 million per coin.
However, analysts also caution that Bitcoin and gold differ fundamentally.
Spataco highlighted that he believed Kendrick’s thesis was “optimistic,” pointing to how Bitcoin is “heavily influenced by interest rates, risk appetite and regulation.”
However, institutional adoption of Bitcoin is definitely growing, with much more capital flowing into it.
According to Arkham Intelligence, BlackRock and Fidelity sold roughly $250 million worth of Bitcoin while buying close to $400 million last week.
The same week saw approximately $93.1 million in net inflows into U.S. spot Bitcoin exchange-traded funds.
CCN’s Technical Bitcoin Price Outlook
Victor Olanrewaju, an analyst at CCN, offers a more cautious near-term outlook based on technical indicators.
Despite recent modest price gains, the analyst said Bitcoin remains within a symmetrical triangle pattern — suggesting consolidation rather than a confirmed breakout.
Currently, Bitcoin is approaching the upper boundary of its consolidation range, he wrote.
A decisive daily close above $75,700 could signal a breakout, with potential upside toward $85,000.
Conversely, a drop below $67,000 may lead to a retest of recent lows.
Kurt Robson is a London-based reporter at CCN, specialising in the fast-moving worlds of crypto and emerging technology. He began his career covering local news in Cornwall after graduating from Falmouth University with First Class Honours in Journalism. There, he cut his teeth on everything from council meetings to missing swans.
He quickly rose through the ranks to become a frontline journalist at several of the UK’s leading national newspapers. Over the years, he has interviewed musicians and celebrities, reported from courtrooms and crime scenes, and secured multiple front-page exclusives.
Following the upheaval of the COVID-19 pandemic, Kurt shifted his focus to technology journalism—just ahead of the AI boom. With a natural curiosity and a trained eye for emerging trends, he has found a new rhythm in reporting on innovation.
At CCN, Kurt's work focuses on the cutting edge of crypto, blockchain, AI, and the evolving digital world. Drawing on his background in people-first reporting and his deep interest in disruptive tech, Kurt delivers stories that are insightful, entertaining, and human-centric.
