As an experienced financial analyst, I find the prediction made by Standard Chartered’s Head of EM FX Research, West and Crypto Research, Geoff Kendrick, about Bitcoin reaching new all-time highs above $73,700 to be intriguing. The boldness of this projection, coupled with an ambitious timeline, is noteworthy.
Experts from renowned global banking institution, Standard Chartered, have daringly forecasted that Bitcoin‘s price could surge past its previous record high of $73,700, reaching new heights. This prediction, which surpasses the cryptocurrency’s past peak, is accompanied by an unexpected and ambitious timeframe.
Bitcoin Poised To Reach New All-Time Highs
Geoff Kendrick, the EM FX and Crypto Research Head at Standard Chartered, has made an optimistic projection for Bitcoin’s price in an email to TheBlock. He anticipates that Bitcoin will shatter its previous record high from March 14, 2024, leading to a significant rise estimated around $73,798.
An analyst has set an ambitious timeframe for Bitcoin’s bullish surge, predicting that it could reach its projected price goal by the weekend. According to Kendrick, this price rise may be fueled by the substantial investments flowing into Spot Bitcoin Exchange-Traded Funds (ETFs) in recent times.
On May 21st, data from Farside investors revealed that Investment Products related to Spot Bitcoin had experienced their strongest inflow period in the last two months. Approximately $305.7 million was poured into these products, with BlackRock’s Bitcoin Trust ETF (IBIT) accounting for the largest portion at $290 million.
As an analyst, I’ve observed that since its launch on January 11, Spot Bitcoin ETFs have amassed over $13 billion in inflows. This significant investment has been a driving force behind Bitcoin’s previous climb to a new record high in March. Consequently, these increased inflows could potentially ignite further gains for Bitcoin.
As an analyst, I’ve shared that Kendrick has revealed that the SEC’s potential approval of Ethereum Spot ETFs could influence Bitcoin’s price movements in a meaningful way. I’ve previously projected Bitcoin’s price to reach $150,000 by the close of 2024 and an impressive surge to $200,000 in 2025.
BTC Price Analysis
Currently, Bitcoin is priced at $70,013 based on the latest data from CoinMarketCap. This represents a small decrease of 1.39% in the previous 24-hour period. However, over the last week, Bitcoin has shown a robust upward trend, with prices increasing by an impressive 12.86%.
Michael van de Poppe, a well-known crypto analyst, shares that Bitcoin has experienced a gain of over 20% from its earlier lows in 2021, which were at $56,000. If an Ethereum Spot ETF receives approval, the value of Ethereum could possibly surge further based on historical trends. The SEC’s previous endorsement of Spot Bitcoin ETFs led to significant price increases for Bitcoin.
As a dedicated researcher in the field of cryptocurrencies, I’ve come across an intriguing perspective from analyst Ali Martinez regarding Bitcoin’s current market position. He firmly believes that the leading digital currency is poised for significant price increases, highlighting its impressive potential and solid fundamentals.
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2024-05-22 20:10