Bitcoin (BTC) Whales Capitulate as Standard Chartered Forecasts $500K Mark Before 2028

The number of large investors, or ‘whales,’ holding at least 1,000 Bitcoin (BTC) dropped from 2,067 to 2,041 in recent weeks

The number of large investors, or ‘whales,’ holding at least 1,000 Bitcoin (BTC) dropped from 2,067 to 2,041 in recent weeks, signaling waning institutional and high-net-worth investor interest in the short term. Meanwhile, the British multinational bank Standard Chartered sets its sights on the $500,000 mark.

After dropping to $92,000 on Monday, BTC rebounded to $102,500 on Tuesday and was hovering around $98,000 as of Thursday at 0846 GMT, seeking stability.

The 100-day moving average at $94,800 serves as key support, while the $102,500 level is being closely monitored as the first resistance.

With the start of the crypto-friendly Trump administration, speculation has grown over Bitcoin being recognized as a “reserve asset.” However, this has yet to materialize, contributing to BTC’s sluggish performance.

Despite “Crypto Czar” David Sacks, a prominent U.S. Bitcoin investor, describing Bitcoin as a perfect store of value this week, its price has struggled to gain traction.

Meanwhile, U.S-based MicroStrategy (NASDAQ: MSTR), the world’s largest corporate Bitcoin holder with 447,470 BTC ($43.9 billion), also paused its Bitcoin purchases after 12 consecutive weeks of accumulation.

The number of investors holding at least 1,000 BTC—commonly referred to as ‘whales’—has been declining. In January, whale numbers dropped from a peak of 2,067 to as low as 2,034 before staging a weak recovery to 2,041.

Whales play a crucial role in Bitcoin’s price movements, as an increase in their numbers often signals rising institutional and high-net-worth investor interest, whereas a decline can indicate growing selling pressure and weaker market sentiment.

On the other hand, Standard Chartered forecasted that Bitcoin could reach $500,000 before the end of Donald Trump’s presidency, citing a more favorable regulatory environment and increased investor access.

In a recent client note, the bank projected BTC to hit $200,000 in 2025, $300,000 in 2026, and $400,000 in 2027, before stabilizing at half a million dollars in 2028. Standard Chartered attributed this rise to growing demand fueled by Bitcoin spot ETFs, which have attracted $39 billion in net inflows since their introduction in early 2024.

The bank’s Digital Asset Research Head, Geoff Kendrick, emphasized that U.S. regulatory shifts, including the repeal of SEC’s Staff Accounting Bulletin No. 121, have significantly boosted the sector. This change means the removal of the rule requiring companies to record crypto assets as balance sheet liabilities.

He also anticipated Bitcoin could reach $130,000 within the next two months, following its recent all-time high of $109,500.

Bitcoin has surged 43% since Trump’s election victory on Nov. 6, 2024.