Bitcoin and Ether Price Predictions for 2024 by Standard Chartered’s Top Crypto Analyst
Bitcoin is set for more price gains later this year, according to Standard Chartered’s top crypto analyst, Geoffrey Kendrick. Despite a recent retreat in prices, Kendrick predicts that bitcoin could rise to $150,000 per coin and ether could hit $8,000 by the end of 2024.
In a research note released on April 22, Kendrick stated that he believes the bad news surrounding bitcoin and ether is already priced in, and that positive structural drivers will take over as negative drivers fade. He pointed to the removal of $261 million of leveraged long positions from BTC futures on April 13, the largest daily liquidation since at least October 2023, as evidence that market positioning is now much cleaner.
While bitcoin temporarily dropped below $60,000 last week in response to escalating tensions between Iran and Israel, Kendrick remains optimistic about the cryptocurrency’s potential for growth. He highlighted the supply shock from bitcoin’s halving, as well as the influx of new bitcoin exchange-traded funds, as factors that could support prices in the coming months.
Despite facing challenges such as stalling ETF inflows in the U.S., uncertainties surrounding the approval of an ether spot ETF, and escalating tensions in the Middle East, Kendrick believes that now is the time to re-engage in medium-term long positions. He emphasized that with Middle East tensions easing, the market positioning is more favorable for potential price increases.
Overall, Kendrick’s bullish prediction for bitcoin and ether suggests that there may be more gains in store for these cryptocurrencies in the near future, even after recent setbacks. Investors will be keeping a close eye on market developments to see if Kendrick’s forecast comes to fruition.
