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Standard Chartered Bank reiterated its long-term bitcoin outlook this week, maintaining its ambitious forecast that the cryptocurrency will climb to $500,000 by the end of Donald Trump’s second term. In a report released Tuesday, Geoffrey Kendrick, the bank’s global head of digital assets research, cited newly published investment disclosures as evidence that institutional and sovereign interest in bitcoin is accelerating. Kendrick stated:

In a charmingly cryptic X post, the sages at Matrixport declare that many traders—those brave heroes—are missing out on Bitcoin’s latest joyride. Why? Because retail folks, the usual suspects, are lounging in their digital pajamas, watching this spectacle unfold. Meanwhile, the big whales—those enormous sea creatures in the crypto ocean—have swooped in, munching on the supply like piranhas at a buffet, leaving retail investors blinking in confusion. 🐋💸

But wait! CrediBULL Crypto, the self-proclaimed crypto oracle, is waving a big red flag, saying that James’s Hyperliquid BTC long position is about as safe as a cat in a room full of rocking chairs. 🐱💺

He’s got a point, though. If gold is the dusty old relic of the past and Bitcoin is the cool kid on the block, why are these banks swapping their dollar bills for gold bars? It’s like trading your iPhone for a flip phone—what’s the deal? 🤷‍♀️

We all thought this week would be as smooth as a Mississippi riverboat ride, but nah, the ol’ cryptocurrency rollercoaster had a surprise around the bend! Bitcoin ( BTC) kicked off at a tidy price just under $103,000, and for a hot minute, it flashed its fancy side and leaped to about $112,000—an impressive 9% jump that had folks whistle harder than a kettle. 🎩

Yet, as Bitcoin dances in the limelight, the altcoin market appears to be stuck in a quagmire. Our astute analyst Daan has pointed out a rather disheartening fact: the TOTAL Altcoin Market Cap is still languishing far below its 2021 zenith. Despite some recent flickers of recovery, altcoins remain like a distant echo of their former glory. This stark contrast underscores a familiar narrative of this cycle—Bitcoin’s unyielding dominance. 🥴