While the decline in Bitcoin created great fear among investors, this situation was also reflected in the Koeku and Greed index.
While the fear and greed index has fallen to extreme fear levels not seen since the FTX ($0.00) and Terra crashes, Geoffrey Kendrick, head of digital asset research at Standard Chartered, remains bullish.
Speaking to CNBC, Kendrick reiterated that Bitcoin could reach $200,000 in 2025 and $500,000 during the Donald Trump era.
Stating that risky assets like Bitcoin do not like uncertainty, the analyst said that economic uncertainty and the $1.5 billion Ethereum attack on cryptocurrency exchange Bybit last week were effective in the recent decline.
“Risky assets do not like uncertainty and we are seeing that.
We have seen assets like Bitcoin fall along with tech stocks in the US.
At this point, cryptocurrencies are generally in decline due to tariffs and uncertainties regarding the resolution of major wars such as Russia-Ukraine and Israel-Gaza.”
Stating that Bitcoin and altcoins will rise, Geoffrey Kendrick said that the necessary catalyst for the rise is stability in prices, increasing institutional adoption and regulatory clarity.
“There needs to be increased regulatory clarity in the crypto space. So you will see more US banks getting involved in the crypto space.
What we need in the crypto ecosystem is for more traditional financial players like Standard Chartered, BlackRock to join.
“The increase in institutional adoption of cryptocurrencies, coupled with some regulatory clarity from the US, will result in less volatility over time. This will also drive price appreciation.”
*This is not investment advice.
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