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$800 billion Standard Chartered predicts Bitcoin to hit $150k this year

source-logo  finbold.com 23 May 2024 11:27, UTC

With Bitcoin (BTC) surging past $69,000, questions about new all-time highs and its potential price in 2024 are becoming increasingly prominent. Many experts have weighed in, but the most influential opinions come from financial institutions and their analysts.

Recently, Standard Chartered made one of the most bullish predictions. Analysts from this leading international cross-border bank predicted that Bitcoin could reach new all-time highs above $73,700.

This projection, which is slightly higher than the cryptocurrency’s previous peak, comes with an ambitious and unexpected timeline.

Bitcoin’s new all-time high already in a couple of days

Geoff Kendrick, Head of EM FX Research, West, and Crypto Research at Standard Chartered, has made a bullish prediction for Bitcoin, the maiden cryptocurrency.

Kendrick stated that BTC is poised to surpass its previous all-time high reached on March 14, 2024, potentially reaching approximately $73,798. He expects this significant surge to occur by the weekend, attributing the potential increase to recent inflows into Spot Bitcoin ETFs.

On May 21, data from Farside Investors indicated that Spot Bitcoin ETFs had their best inflow week in the last two months, with US funds collectively seeing $948 million in positive net flows from May 13 to May 17.

Since their launch on January 11, Spot Bitcoin ETFs have recorded inflows exceeding $13 billion. This increased demand and influx of capital contributed to Bitcoin’s previous rise to a new all-time high in March and could drive further surges in the cryptocurrency’s value.

Bitcoin over $150,000 by the end of 2024 thanks to Ethereum

Kendrick has also revealed that the potential approval of Ethereum (ETH) Spot ETFs by the United States Securities and Exchange Commission (SEC) could significantly impact Bitcoin’s price dynamics.

He has reiterated his earlier prediction that Bitcoin could rise to $150,000 by the end of 2024 and reach an impressive $200,000 in 2025.

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