BITCOIN PRICE PREDICTION: $1,50,000 IN 2024? STANDARD CHARTERED'S BIG BET
(Authored by M Suvarna Sowmya Priya)
Bitcoin price prediction: Geoff Kendrick, the head of digital assets research at Standard Chartered, believes that Bitcoin's price still has the potential to more than double this year, citing a bullish setup for the cryptocurrency that could reignite its rally.
In an interview with BNN Bloomberg, Kendrick reaffirmed his firm's price target of $150,000 for Bitcoin by the end of the year, implying a significant 127% upside from its current levels.
Despite Bitcoin experiencing a pullback in recent weeks, declining by 11% from its all-time high of approximately $73,000 in March, Kendrick remains optimistic about its future trajectory.
He attributes the recent pullback to slowing inflows into Bitcoin ETFs and heightened tensions in the Middle East, which have dominated the crypto markets for the time being. However, Kendrick believes that this trend could reverse later in the year, fueled by a substantial wave of investor inflows.
Kendrick estimates that spot Bitcoin exchange-traded funds have attracted around $12 billion since their approval in January. He anticipates that investor caution will be temporary, with inflows potentially reaching $50 billion to $100 billion over the next two years as the crypto ETF market in the US matures.
Furthermore, Kendrick highlights Bitcoin's bullish trajectory following its halving event. The halving reduces the reward for Bitcoin miners, consequently decreasing the amount of new Bitcoin entering circulation. Historically, this has resulted in a surge in Bitcoin prices, with the last three halving events followed by fresh all-time highs within the next 12 months.
According to Kendrick, considering the current landscape, Bitcoin appears poised for further upward movement.
Standard Chartered stands out as one of the most optimistic Bitcoin forecasters on Wall Street. The firm has also projected that Bitcoin could reach $250,000 by 2025, implying a substantial 266% upside from its levels in March.
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2024-04-26T11:30:49Z dg43tfdfdgfd