Today, the overall cryptocurrency market is struggling to gain momentum, with top cryptocurrencies like Bitcoin, Solana, and Toncoin experiencing a significant fall in their values. Amid this struggling market, Standard Chartered’s forex and digital assets research head, Geoffrey Kendrick, made a bold and optimistic prediction for Bitcoin.
Bitcoin will hit $150k, says Standard Chartered
According to a recent report, Geoffrey forecasted that Bitcoin will hit the $150,000 mark by the end of 2024. He confidently stated, “I am sticking with my end-2024 $150K and end-2025 $200K forecasts for BTC.” He also added, “Before then, if tomorrow’s payroll data are friendly, I would expect a fresh all-time high to be reached over the weekend.”
Geoffrey further commented, “As we approach the U.S. election, I expect $100K to be reached and then $150K by year-end in the case of a Trump victory.” Besides this prediction, in the past few days, spot Bitcoin ETFs (Exchange Traded Funds) have continued to see significant inflows, highlighting investors’ and traders’ interest and confidence in Bitcoin. The recent spot Ethereum ETF approval by the US SEC (Securities and Exchange Commission) has also boosted sentiment for both cryptocurrencies as they gain political support.
Bitcoin price performance analysis
Currently, crypto traders on Polymarket are betting with 56% odds on Trump returning to office, compared to 36% for the incumbent Joe Biden. ETFs have experienced a resurgence, crossing $15 billion in net inflows for the first time since January. This marks a significant turnaround after a slow period from mid-April to early May, which saw days with zero net inflows and even outflows from major ETFs like BlackRock’s IBIT. Additionally, on Tuesday, June 5, 2024, spot Bitcoin ETFs experienced the highest inflow of $800 million, led by Fidelity’s FBTC.
As of now, Bitcoin is trading near the $71,000 level, with its price remaining stable over the last 24 hours. Over the past 7 days, Bitcoin has experienced only a 4.5% upward momentum. In the last 30 days, Bitcoin’s price has increased by 11%.
Investors and analysts alike are keenly observing whether Geoffrey Kendrick’s ambitious prediction will come true, considering the various economic and political factors at play. If these projections hold, it could signal a major shift in the cryptocurrency landscape, reinforcing Bitcoin’s position as a dominant asset in the financial world.
