Standard Chartered Bank analyst Geoff Kendrick had previously said he expected the price of Bitcoin to exceed $500,000 when Donald Trump stepped down. He said in a report Tuesday morning that the forecast remains valid, reviewing BTC’s short-term weak price movements, with a recent series of 13F documents on spot Bitcoin ETF institutions giving data support. Kendrick said the buyer type has grown from retail investors to hedge funds, and now to banks and sovereign wealth funds, noting that institutions such as Goldman Sachs have increased their ETF holdings, and Abu Dhabi has also purchased Bitcoin ETFs for the first time. "Looking forward, we expect more long-term long funds to buy Bitcoin and expect Abu Dhabi's position to be the beginning of wider participation of sovereign states," analysts said.