Bitcoin Surges 24%, Eyes $80,000 as Institutional Forecasts Soar

The Bitcoin price has surged by 24% in August, pushing it closer to $80,000. This comes as Standard Chartered targets $100,000 and Bernstein $150,000 as institutional flows revive the bull case.

Standard Chartered's Geoff Kendrick called the US Treasury's decision to expand purchases of longer-dated government bonds 'exactly the type of thing Bitcoin loves', saying there is a risk that the bank's $100,000 year-end forecast is actually 'too low'.

Bernstein analysts led by Gautam Chhugani retain a $150,000 year-end target, although the bank itself has called that forecast 'ambitious' following last year's record. They argue that the underlying institutional-flow picture was not as disastrous as bearish sentiment suggested.