Bitcoin bounced from the lows of $96,200 to clasp the $99k mark for the first time since Tuesday after an Eric Trump post on X and an ultra-bullish BTC forecast by the Standard chartered bank, which expects the coin to reach $500,000 by 2028.
Bitcoin assumed a bullish stance early Thursday, Feb 6, rising by 1.3% in the last 24 hours to break above $99,000.
The bullish momentum may partly be attributed to a post by Eric Trump on X (formerly Twitter) advocating for Bitcoin investing.
“Fells likes a great time to enter BTC!” the president’s son proclaimed on X on Feb 6.
Recently, Eric has amped involved in the crypto space, even serving as one of the managers on the management board of WLF Holdco LLC, the parent company of World Liberty Financial. His family also holds 22.5 billion $WLFI tokens through DT Markets DEFI LLC.
His Bitcoin endorsement received a lot of attention from the crypto community, especially as it came a few days after a similar endorsement of Ethereum, which helped it rally by as much as 7% in a day. It was a warm welcome to the community after BTC prices shed nearly 5% in the last 48 hours.
Momentum Boosted Bitcoin by StanChart’s Bullish Forecasts
Eric’s post came hours after Standard Chartered Bank’s global head of digital asset research, Geoffrey Kendrick, predicted that Bitcoin would breach the $500,000 price level before the end of Trump’s presidency in 2028.
However, his bold claims do not just affect BTC’s long-term price action. He also expressed his confidence in the legacy coin’s medium-term price action. He argues that Bitcoin will rally by 100%+ to reach $200,000 in 2025 and add $100k every other year to reach $500k by 2028.
Like the rest of the Bitcoin community, however, Geoffrey expects Bitcoin to have a stormy price action soon as it adjusts to the uncertainties of the Trump presidency.
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