Analysts at the leading international cross-border bank, Chartered Standard made a bold prediction that Bitcoin could witness a significant rise new historical records over $73,700. This projection, slightly higher than the cryptocurrency’s previous peak, comes with an unexpected and wildly ambitious timeline.
Bitcoin Poised to Hit New All-Time Highs
Geoff Kendrick, head of EM FX Research, West and Crypto Research, Standard Chartered, made a bullish prediction for Bitcoin, the world’s largest cryptocurrency. In an email to TheBlock, Kendrick stated that Bitcoin is poised to break its previous record high on March 14, 2024, to witness a massive rise to approximately $73,798.
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The analyst projected a rather grand timeline for this rally, expecting Bitcoin to reach the predicted target price by the weekend. Kendrick attributed this potential price increase to recent inflows into Spot Bitcoin ETFs.
Early on May 21, data from Farside investors indicated that Spot Bitcoin ETFs had recorded its best innings week in the last two months. The digital asset saw more than $305.7 million in inflows, with BlackRock’s Bitcoin Trust ETF (IBIT) racking up the largest inflows at $290 million.
Cumulatively, Spot Bitcoin ETFs have recorded inflows of more than US$13 billion since its launch on January 11 to the present. This increased demand and capital inflow, which contributed significantly to Bitcoin’s previous rise to a new all-time high in March, could drive new surges for cryptocurrency.
Kendrick also revealed that the possible approval of Ethereum spot ETFs by the United States Securities and Exchange Commission (SEC) could have a significant impact on Bitcoin price dynamics. The analyst doubled his previous price forecast, which anticipates Bitcoin Rises to $150,000 by End of 2024 and a whopping increase of $200,000 in 2025.
BTC Price Analysis
At the time of writing, the Bitcoin price is trading at $70,013, reflecting a slight drop of 1.39% in the last 24 hours, according to CoinMarketCap. Cryptocurrency is on the rise constant high momentum Over the past week, there have been consistent price increases, which have led to a strong increase of 12.86%.
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Popular crypto analyst, Michael van de Poppe has reported that Bitcoin is up more than 20% from its previous lows of $56,000 earlier this year. O approval of an Ethereum Spot ETF could see the cryptocurrency’s price potentially rising further following previous patterns when the SEC Approval of Spot Bitcoin ETFs triggered a massive price surge for the pioneering cryptocurrency.
This sentiment of a bullish breakout is shared by crypto analyst Ali Martinez, who asserted that Bitcoin is currently showing strong potential for further gains, underscoring the cryptocurrency’s robust price potential and solid fundamentals.
Featured image created with Dall.E, chart from Tradingview.com