Bitcoin Surges to $72K, Standard Chartered Predicts $100K by Year-End
The price of Bitcoin (BTC) has surged to over $72,000 for the first time since June, according to CoinGecko. Standard Chartered's Kendrick Geoffrey believes this rally could be just the beginning, predicting that BTC may hit $100,000 by year-end in what would be its 'shallowest' four-year cycle ever.
The recent drawdown of about 54% may have already established a floor for the current cycle, according to Kendrick. This is significantly shallower than previous cycles, which typically saw substantially deeper declines. With the 12-month mark beyond the all-time high approaching, four-year cycle theorists agree that the low is in.
The rally follows the U.S. Treasury's announcement of plans to increase the size of buyback support and renewed attention on crypto legislation in Washington. President Donald Trump has urged Congress to pass a 'fair version of the Clarity Act', which has faced delays in the Senate.