StanChart: "With the advent of ETF buying, we think the BTC halving cycle is no longer a relevant price driver. The logic in previous cycles (when US ETFs did not exist) – i.e., prices would peak about 18 months after each halving and decline thereafter – is no longer valid, in our view. However, it will take a break of the current all-time high (USD 126,000 on 6 October 2025) to prove that; we expect this to happen in H1-2026." Lowers BTC forecasts: 2025: $200k --> $100k 2026: $300k --> $200k 2027: $400k --> $225k 2028: $500k --> $300k