Bitcoin

Standard

Read

Geoff Kendrick, head of digital assets research at Standard Chartered, is still optimistic about Bitcoin, with his firm setting a year-end price target of $150,000. 
According to <a href="https://markets.businessinsider.com/news/currencies/bitcoin-price-prediction-btc-halving-outlook-miners-etf-standard-chartered-2024-4" target="_blank" rel="">Business Insider</a>, “Bitcoin’s price could still more than double this year,” said Kendrick. 
Speaking on BNN Bloomberg, Kendrick pointed out that Bitcoin (<a href="https://crypto.news/price/bitcoin/" data-type="link" data-id="https://crypto.news/price/bitcoin/" rel="">BTC</a>) has recently faced a downturn, sliding 11% from its peak at about $73,000 in March. 
He noted that “this pullback stems primarily from slowing inflows into <a href="https://crypto.news/tag/bitcoin-etf/" rel="">Bitcoin ETFs</a> and rising tensions in the Middle East,” which have temporarily <a href="https://crypto.news/bitcoin-plunges-over-8-percent-heels-iran-drone-attack/" data-type="link" data-id="https://crypto.news/bitcoin-plunges-over-8-percent-heels-iran-drone-attack/" rel="">overshadowed</a> the market. 
Despite these challenges, Kendrick remains confident about the market’s capacity to recover by reiterating Standard Chartered’s <a href="https://crypto.news/bitcoin-standard-chartered-prediction/" data-type="link" data-id="https://crypto.news/bitcoin-standard-chartered-prediction/" rel="">statement</a> from last month with a price prediction of $150,000 by year’s end. 
<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio">
 <div class="wp-block-embed__wrapper"> <iframe title="I'm still looking for US$150k for Bitcoin by the end of this year: head of digital assets research" width="1020" height="574" src="https://www.youtube.com/embed/Kf4LapnBQaQ?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe> 
 </div>
</figure> 
 You might also like: <a href="https://crypto.news/ark-invest-makes-bullish-moves-ahead-bitcoin-halving/" rel=""> ARK Invest makes bullish moves pre-BTC halving, adds $40m worth of in-house spot Bitcoin ETFs </a> 
“From where we are now, it’s starting to look like we can push higher again,” Kendrick said, citing the cyclical nature of Bitcoin’s past performance, especially after <a href="https://crypto.news/bitcoin-halving-hong-kong-etfs-ton-grows-weekly-recap/" data-type="link" data-id="https://crypto.news/bitcoin-halving-hong-kong-etfs-ton-grows-weekly-recap/" rel="">halving</a> events. Previous halving events have historically triggered price surges by reducing the new Bitcoin supply. 
Moreover, Kendrick forecasts significant growth in ETF investments. Since the <a href="https://crypto.news/sec-approves-spot-bitcoin-etf-on-accelerated-basis/" data-type="link" data-id="https://crypto.news/sec-approves-spot-bitcoin-etf-on-accelerated-basis/" rel="">approval</a> of spot Bitcoin ETFs in January, nearly $12 billion has flowed into the market. 
With increasing maturity in the U.S. ETF sector, Kendrick projects that inflows could soar to between $50 billion and $100 billion over the next two years. 
<a href="https://crypto.news/tag/standard-chartered/" data-type="link" data-id="https://crypto.news/tag/standard-chartered/" rel="">Standard Chartered</a> remains one of the most bullish on Bitcoin’s prospects, even predicting a potential rise to $250,000 by 2025, marking a 266% increase from its March levels. The company’s optimism reflects a broader belief in Bitcoin’s long-term ascendancy in the financial markets. 
 Read more: <a href="https://crypto.news/5-important-facts-about-the-bitcoin-halving/" rel=""> 5 important facts about the Bitcoin halving </a>

Standard Chartered doubles down on $150k Bitcoin prediction

crypto.news

Other articles published on Apr 22, 2024

SHIB Lead Shytoshi Kusama Sends Crucial New Message to Fudders and Community

Your weekly roundup of top crypto news from Asia

Cryptocurrency Detective ZachXBT Warns: "Be Careful of These Altcoin Projects!"

Shibarium’s network disruption: Validator woes and downtime

Unlock Crypto Trading Insights with Crypto Whale Pump Community

Cryptocurrency Investment Strategies: How to Turn $1K into a House by 2025

Join our free newsletter for daily crypto updates!