22 May 2024
Analysts from leading international cross-border bank, Standard Chartered have made a bold prediction that Bitcoin could witness a significant rise to new all-time highs above $73,700. This projection, slightly higher than the cryptocurrency’s previous peak, comes with an unexpected and wholly ambitious timeline.
Bitcoin Poised To Reach New All-Time Highs
Geoff Kendrick, 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.
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 Spot Bitcoin ETFs.
Earlier on May 21, data from Farside investors indicated that Spot Bitcoin ETFs had recorded their best inflow week 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.
Cumulatively, Spot Bitcoin ETFs have recorded 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 propel fresh surges for the cryptocurrency.
Kendrick has also disclosed that the possible approval of Ethereum Spot ETFs 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 Bitcoin’s rise to $150,000 by the end of 2024 and a whopping $200,000 increase in 2025.
BTC Price Analysis
As of writing, the price of Bitcoin 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 steady bullish momentum over the past week, experiencing consistent price surges, which have led to a sharp increase of 12.86%.
Popular crypto analyst, Michael van de Poppe has reported that Bitcoin is up more than 20% since its previous lows of $56,000 earlier this year. The approval of an Ethereum Spot ETF could see the cryptocurrency’s price potentially rising more, following previous patterns when the SEC’s approval of Spot Bitcoin ETFs triggered a major price spike for the pioneer cryptocurrency.
This sentiment for a bullish breakout is shared by crypto analyst Ali Martinez, who has asserted that Bitcoin is currently showing a strong potential for further gains, underscoring the cryptocurrency’s robust price potential and strong fundamentals.