British bank Standard Chartered (STAN) is forecasting that Bitcoin’s (BTC) price will reach $200,000 U.S. by the end of this year.
The bullish call comes as the price of Bitcoin falls further, dropping to $80,000 U.S. per digital token, having declined more than 20% in the month of February.
Yet despite the current selloff, Standard Chartered remains bullish on the largest cryptocurrency by market capitalization.
In addition to its aggressive year-end call, Standard Chartered also reiterated its previous forecast for Bitcoin to reach $500,000 U.S. by the end of U.S. President Donald Trump’s current term in office.
Bitcoin’s price hit an all-time high of just over $109,000 U.S. on Jan. 20, the day of U.S. President Donald Trump’s inauguration and has steadily declined since then.
While some market observers are worrying that we’re entering a new “crypto winter,” Standard Chartered said that it sees the current pullback as a temporary setback for Bitcoin.
The bank’s crypto team said that increased adoption of crypto among institutional investors, combined with supportive regulations from the Trump administration, should lead to less volatility in the price of Bitcoin and keep the long-term rally going.
Bitcoin is currently trading at $80,350 U.S. and is down 23% over the past month.
