Bitcoin price drops below $94,000 but $500,000 forecast remains intact. Analyst cites ETF reports and changing investor landscape.
The price of Bitcoin (BTC) dropped by 2% to $93,600 in Tuesday’s trades, marking a 10% decrease in the past week. However, Geoff Kendrick, an analyst at Standard Chartered, still believes in the prediction of Bitcoin reaching $500,000 by the end of Donald Trump’s presidency. Referring to recent reports on institutional ownership of Bitcoin Exchange-Traded Funds (ETFs), he mentioned a shift in investor types from retail to hedge funds and now to banks and governmental funds.
