The bank cited
stronger industry conditions, surging corporate treasury demand, and growing institutional participationThe upgrade marks a reversal from March, when the bank cut its 2025 target to $4,000 on concerns over Layer 2 fee leakage and slowing on-chain activity. Since June, corporate treasuries have accumulated a significant share of supply, with Standard Chartered estimating this could reach 10%, echoing Bitcoin’s early corporate adoption trends.
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the chart update shows a bit of a reversal from Thursday's high.
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