by Florian Callens
published on Tuesday April 23, 2024 to 20:31 •
2 min read
Bitcoin is still on track to reach $150,000 by the end of this year. Geoff Kendrick, head of digital asset research at banking group Standard Chartered, said. If that prediction is correct, the digital currency should rise another 127 percent this year.
Why is this important?
In February and March 2024, the Bitcoin price climbed to record highs after a period of relative stability. At its highest point, Bitcoin’s value even reached $73,000. Since then, the cryptocurrency has cooled down somewhat and its value has fallen again by about 11 percent.Despite that recent decline, Standard Chartered remains bullish on Bitcoin. This was said by analyst Geoff Kendrick in conversation with BNN Bloomberg. He reiterated that his company’s price target for the end of this year remains $150,000.
Different reasons
Kendrick sees several reasons to believe that Bitcoin will rise again in the coming months.
- Since its approval in January, farmer-traded funds have raked in about $12 billion, Kendrick estimates. Currently, however, crypto traders are rather cautious. The reason for this is the tensions in the Middle East. That could reverse later this year. Once the crypto EFT market matures in the United States, the analyst expects an inflow of $50 to $100 billion over the next two years.
- In addition, Bitcoin is also bullish again due to the recent halving. The halving reduces the amount rewarded to bitcoin miners, thus reducing the amount of new bitcoin entering circulation. In the past, this always caused a spike in the value of Bitcoin. The previous three halvings each set new record highs over the next twelve months.
Standard Chartered has long been one of the most optimistic forecasters about Bitcoin. The company not only predicts an increase to $150,000 this year, the banking group even expects a value of $250,000 by 2025.
Tags: Analyst predicts Bitcoin rise year
