Bitcoin Aims for $100,000 Price Target as Inflows into ETFs Return

Standard Chartered recently reaffirmed its $100,000 price target for Bitcoin. This prediction comes despite Bitcoin's recent decline of nearly 50% from its October peak.

In the first half of this year, selling by Bitcoin treasury companies like Strategy kept a lid on the price. However, Standard Chartered expects the situation to stabilize and is optimistic about Bitcoin's prospects.

One reason for this optimism is the growing interest in artificial intelligence (AI). Some Bitcoin-focused companies are pivoting into AI, but this may not be a long-term solution, according to Standard Chartered. The bank also points out that inflows into Bitcoin ETFs appear to be returning after months of outflows.

Bitcoin's cycle of boom and bust is well-documented, with the asset experiencing massive price swings in short periods. However, each time it has recovered from a major drawdown, surpassing its previous all-time high. Standard Chartered expects this trend to continue, predicting that Bitcoin will reclaim the $100,000 price level by the end of the year.