Building momentum amid volatility, Standard Chartered boldly predicts Bitcoin could reach $500,000 by 2028
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Building momentum amid volatility, Standard Chartered boldly predicts Bitcoin could reach $500,000 by 2028
Although the BTC price has significantly fallen below the $100,000 mark, the overall upward trend remains intact.
Navigating Web3 tides with focused insightsBy: Mary Liu, Bitpush News
Cryptocurrency markets edged lower on Wednesday, giving back some of yesterday's gains. According to Bitpush data, Bitcoin is currently consolidating around $96,500, down 1.6% over the past 24 hours. Ethereum rose 2% to $2,790. Meanwhile, XRP fell 7% to $2.40, and Solana (SOL) dropped 6% to $196. The total cryptocurrency market capitalization declined 1.8% over the past 24 hours, falling to $3.17 trillion.
Trump Tariff Deal Fuels Ongoing Market Volatility
As markets retreat, uncertainty surrounding U.S. economic policy and regulatory developments persists. Although Trump’s pause on imposing tariffs on Canada and Mexico has temporarily eased market pressure, investors remain cautious amid rising volatility, inflation concerns, and upcoming legislative changes.
"With the Mexican president reaching an agreement with Trump, there's a positive shift in market outlook," said Antonio Di Giacomo, Senior Market Analyst at XS.com. However, despite price rebounds, he warned that cryptocurrency market volatility remains high.
Di Giacomo added: "Bitcoin continues to face challenges from Federal Reserve monetary policy, government regulation, and institutional investor behavior. Experts believe the $100,000 level could become strong resistance in the short term, and without new catalysts, sustained growth will be difficult."
What Does Market Sentiment Indicate?
According to chart analyst Trivedi’s daily timeframe analysis, Bitcoin recently rebounded from its range low near $92,000 and retested the 50% Fibonacci resistance level. However, prices failed to break above the 20-day EMA resistance and continue trading below it, suggesting insufficient buying momentum.
Although BTC price has fallen significantly below the $100,000 mark, the overall upward trend remains intact. As long as prices hold above $90,000, bulls are expected to maintain control and potentially reignite the uptrend.
According to Coinglass data, the long-to-short ratio is currently at 0.9849, indicating slightly improved market sentiment. However, open interest (OI) has decreased by 2.30%, dropping to $58.84 billion.
Key support levels are now at $95,000 and $92,000, while resistance lies at $100,000 and $105,000.
Bullish Outlook: Targeting $170,000 in Months, $500,000 by 2028
Market analyst best_analysts pointed out in a recent post on X that if historical price patterns repeat, Bitcoin may be on the verge of a larger breakout. Based on long-term trend analysis, BTC could climb toward $170,000 in the coming months, with the extent of the rise depending on whether it can maintain its current trajectory.
In the meantime, CryptoGoos noted that BlackRock has been consistently accumulating BTC and ETH during recent market pullbacks. This movement aligns with the ongoing decline in exchange supply, indicating growing demand for these assets.
Historically, a reduction in exchange supply is often a key signal preceding a rebound in crypto assets. Moreover, since BTC prices have experienced a significant correction from their highs, the market may be building momentum for the next rally toward all-time highs (ATH).
Standard Chartered, known for its bullish forecasts, predicted in its latest report that Bitcoin (BTC) could reach $500,000 by 2028. This forecast is based on two key factors: the growing adoption of spot Bitcoin ETFs and declining volatility.
Geoffrey Kendrick, Head of Global Digital Assets Research at Standard Chartered, stated in the report that as the U.S. spot Bitcoin ETF market matures, Bitcoin's volatility will gradually decrease. He noted that under Trump administration policies, access to Bitcoin is improving, and the trend of institutional capital flowing into spot Bitcoin ETFs will continue to grow.
Kendrick believes the optimal allocation ratio between Bitcoin and gold in investment portfolios will gradually increase, driving long-term price appreciation for Bitcoin. He wrote: "As portfolios progressively approach their optimal composition, Bitcoin’s price will achieve long-term appreciation."
Standard Chartered’s Bitcoin price projections are as follows:
End of 2025 target: $200,000
2026 target: $300,000
2028 target: $500,000
Kendrick emphasized that this upward trend is expected to unfold during President Trump’s term in office and could be sufficient for Bitcoin to reach $500,000 before he leaves office.
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