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In a recent client note, Standard Chartered’s Head of Digital Assets Research, Geoff Kendrick, predicted that Bitcoin (BTC) could surge to $500,000 by the end of 2028. The executive attributed BTC’s potential extraordinary price rise to two major factors.
Factors Propelling BTC Price
While 2024 was a landmark year for the world’s largest cryptocurrency – seeing it reach multiple all-time highs (ATH) and surpass $100,000 for the first time – 2025 has seen more moderate price action. Since January 1, BTC has climbed from around $94,000 to $98,486 as of February 5.
However, Kendrick believes that from the latter half of 2025 through 2028, Bitcoin could enter another parabolic growth phase. He forecasts BTC reaching $200,000 by the end of 2025, $300,000 by the end of 2026, $400,000 by the end of 2027, and ultimately $500,000 by the end of 2028.
Kendrick attributes this ambitious price trajectory to two key factors: improved investor access and decreasing volatility. The approval of spot Bitcoin exchange-traded funds (ETFs) in the US in January 2024 significantly simplified investor access to BTC.
Additionally, as Bitcoin’s price and market capitalization grow, its volatility has been decreasing. A larger market cap makes it more difficult for any single trader or entity to manipulate BTC’s price.
Kendrick expects this trend to continue as ETF markets mature and supporting financial infrastructure within the crypto market strengthens. Kendrick added:
The ETFs have attracted a net $39 billion of inflows so far, supporting the theory of pent-up demand being unleashed by increased access. Donald Trump’s January 23 order that the administration evaluate a potential national digital assets stockpile is also important, as this could encourage other central banks to consider Bitcoin investments.
If Trump’s administration moves forward with establishing a national digital assets reserve, Bitcoin’s volatility could decline even further. This could attract traditionally risk-averse investors who were previously hesitant due to BTC’s price swings.
Bitcoin Price Forecasts Have Bullish Undertones
Over the past few days, BTC has faced increased volatility, briefly plummeting to $91,000 amid concerns over US trade tariffs on Mexico, Canada, and China. However, analysts remain confident in Bitcoin’s long-term bullish outlook.
For instance, seasoned crypto trader Alex Becker recently stated that a $150,000 price target for BTC is too conservative. Likewise, a report by CryptoQuant predicts BTC could reach anywhere between $145,000 and $249,000 under a Trump administration.
On-chain data also suggests that Bitcoin ‘whales’ – investors controlling crypto wallets with large BTC holdings – are positioning themselves for a bullish price trajectory, signaling confidence in BTC’s long-term growth under the Trump regime. At press time, BTC trades at $98,486, down 1.3% in the past 24 hours.
