United

2024

Bitcoin

Standard

Spot

<p>Analysts from leading international cross-border bank, <a href="https://bitcoinist.com/standard-chartered-sees-bitcoin-200k/" rel="nofollow">Standard Chartered</a> have made a bold prediction that Bitcoin could witness a significant rise to <a href="https://www.newsbtc.com/breaking-news-ticker/breaking-bitcoin-hits-new-all-time-high-surging-past-70000-for-the-first-time-in-history/">new all-time highs</a> above $73,700. This projection, slightly higher than the cryptocurrency’s previous peak, comes with an unexpected and wholly ambitious timeline.&nbsp;</p> 
<h2 id="bitcoin-poised-to-reach-new-all-time-highs">Bitcoin Poised To Reach New All-Time Highs</h2> 
<p><a href="https://bitcoinist.com/ethereums-massive-surge-imminent-standard-chartered/" rel="nofollow">Geoff Kendrick</a>, Head of EM FX Research, West and Crypto Research, Standard Chartered, has made a bullish prediction for Bitcoin, the world’s largest cryptocurrency. In an email to TheBlock, Kendrick stated that Bitcoin is poised to break out of its previous all-time high on March 14, 2024, to witness a massive surge to approximately $73,798.&nbsp;</p> 
<p>The analyst has projected a rather grandiose timeline for this bullish rally, expecting Bitcoin to hit the forecasted price target by the weekend. Kendrick attributed this potential price increase to the recent inflows into <a href="https://bitcoinist.com/shift-to-crypto-401k-market-poised-to-enter-bitcoin-etfs-standard-chartered-analyst-says/" rel="nofollow">Spot Bitcoin ETFs.</a>&nbsp;</p> 
<p>Earlier on May 21, data from Farside investors indicated that Spot Bitcoin ETFs had <a href="https://bitcoinist.com/spot-bitcoin-etfs-record-inflows/" rel="nofollow">recorded their best inflow week </a>in the last two months. The digital asset saw over $305.7 million in inflows, with BlackRock’s Bitcoin Trust ETF (IBIT), amassing the largest inflows of $290 million.&nbsp;</p> 
<p>Cumulatively, Spot Bitcoin ETFs have <a href="https://farside.co.uk/?p=1321" rel="nofollow">recorded</a> inflows of more than $13 billion from its launch on January 11 to the present. This increased demand and influx of capital which had been a major contributor to Bitcoin’s previous rise to a new all-time high in March, could <a href="https://bitcoinist.com/bitcoin-over-1b-inflows-fuel-etf-rally/" rel="nofollow">propel fresh surges for the cryptocurrency</a>.&nbsp;</p> 
<p>Kendrick has also disclosed that the possible approval of <a href="https://bitcoinist.com/ethereums-massive-surge-imminent-standard-chartered/" rel="nofollow">Ethereum Spot ETFs</a> by the United States Securities and Exchange Commission (SEC) could have a significant impact on Bitcoin’s price dynamics. The analyst has doubled down on his previous price prediction which anticipates <a href="https://www.newsbtc.com/news/bitcoin/standard-chartered-150000-bitcoin-price-target-year-end/">Bitcoin’s rise to $150,000 by the end of 2024</a> and a whopping $200,000 increase in 2025.</p> 
<h2 id="btc-price-analysis">BTC Price Analysis</h2> 
<p>As of writing, the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-soars-70k/">price of Bitcoin</a> is trading at $70,013, reflecting a slight decline of 1.39% in the last 24 hours, according to CoinMarketCap. The cryptocurrency has been on a <a href="https://www.newsbtc.com/news/bitcoin/4-key-reasons-bitcoin-bull-run-far-from-over/">steady bullish momentum</a> over the past week, experiencing consistent price surges, which have led to a sharp increase of 12.86%.&nbsp;</p> 
<p>Popular crypto analyst, Michael van de Poppe has <a href="https://x.com/cryptomichnl/status/1792838994193260619?s=46" rel="nofollow">reported</a> that Bitcoin is up more than 20% since its previous lows of $56,000 earlier this year. The <a href="https://bitcoinist.com/secs-feedback-ethereum-etf-closer-to-approval/" rel="nofollow">approval of an Ethereum Spot ETF </a>could see the cryptocurrency’s price potentially rising more, following previous patterns when the <a href="https://www.newsbtc.com/breaking-news-ticker/breaking-sec-approves-all-11-spot-bitcoin-etfs-btc-price-holds-steady-at-46000/">SEC’s approval of Spot Bitcoin ETFs</a> triggered a major price spike for the pioneer cryptocurrency.&nbsp;</p> 
<p>This sentiment for a bullish breakout is shared by crypto analyst Ali Martinez, who has <a href="https://x.com/ali_charts/status/1792479944586448945?s=46" rel="nofollow">asserted</a> that Bitcoin is currently showing a strong potential for further gains, underscoring the cryptocurrency’s robust price potential and <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-dips-66k/">strong fundamentals</a>.&nbsp;</p> 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/ZurEtbFs/" alt="Bitcoin price chart from Tradingview.com" width="3286" height="1576">

Standard Chartered Analyst Says Bitcoin Is Set For A New ATH Above $73,700, You Won’t Believe The Timeline

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