Geoff Kendrick, the digital assets research leader at Standard Chartered, remains hopeful regarding Bitcoin‘s future and has established a predicted price of $150,000 by year-end.
Based on Business Insider’s report, Kendrick expressed that Bitcoin’s price might even double in value this year.
During an interview on BNN Bloomberg, Kendrick noted that Bitcoin (BTC) has experienced a decline, dropping approximately 11% from its high of around $73,000 in March.
He pointed out that the decrease in Bitcoin ETF investments and the escalating conflicts in the Middle East are the main reasons for this recent pullback, momentarily eclipsing the market’s progress.
In spite of the obstacles, Kendrick continues to believe in the market’s potential for recovery, echoing Standard Chartered’s assertion made last month with a projected price of $150,000 by the end of the year.
“Based on Bitcoin’s historical pattern following past halving events, it seems we might be able to see another price increase from our current position,” Kendrick remarked.
Additionally, Kendrick predicts a substantial increase in investments in Exchange-Traded Funds (ETFs) regarding this development. Following the approval of spot Bitcoin ETFs in January, approximately $12 billion has been poured into the market.
As the U.S. ETF market continues to grow more mature, Kendrick anticipates that investments in this sector could reach anywhere from $50 billion to $100 billion within the next two years.
Standard Chartered maintains a strong conviction in Bitcoin’s future growth, estimating that its value could reach $250,000 by 2025 – a significant jump of approximately 266% from its current price. This bullish stance is indicative of a wider market sentiment that views Bitcoin as a promising investment opportunity for the long term.
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2024-04-22 20:42