Standard Chartered Bank analyst Geoff Kendrick reported on January 30th that the recent decision by the Federal Reserve to maintain interest rates signals a shift towards market stability. This pause in monetary policy, coupled with the upcoming March meeting for policy reassessment, suggests that the immediate uncertainty affecting the crypto market has lessened. Institutional interest in Bitcoin is notably increasing, potentially driving prices towards $130,000 within the next two months.
Kendrick highlighted the SEC’s recent withdrawal of cryptocurrency accounting guidance, notably SAB 121, as pivotal in attracting institutional investments into Bitcoin. The alleviation of excessive leverage within the market context has also contributed to clearer positioning amongst investors. Predictions indicate that Bitcoin might retest its previous all-time high around $109,000 soon, with expectations of fluctuating between $112,000 and $130,000 through February and March.