Standard Chartered still sees bitcoin hitting $500,000 despite recent selloff

"Risk assets don't like uncertainty, and so that's what we've seen. We've seen tech stocks in the U.S. coming lower," Kendrick said, adding that the breach of Bybit has also contributed to negative sentiment surrounding crypto more broadly.
He expects the outlook for crypto will improve later in the year as traders await key regulatory developments in the industry, such as new rules around stablecoins and anti-money laundering.
"That should further legitimize, so you'll see more U.S. banks involved. You'll see larger institutions in the U.S. continue to push through," Kendrick said.
Kendrick was one of the numerous market analysts who predicted a doubling in bitcoin's price this year to $200,000. Bitcoin broke the highly anticipated $100,000 mark in December following Trump's election to the U.S. presidency.
Crypto bulls view Trump positively given his support for digital currencies. In January, Trump signed an executive order promoting the advancement of cryptocurrencies in the U.S. and developing a national digital asset stockpile.
Crypto investors, companies and executives accounted for almost half of corporate donations in the 2024 election cycle, with some contributing tens of millions of dollars to Trump's campaign.