Analyst Predicts Bitcoin Could Reach $150,000 by Year-End: Share this Article
Standard Chartered Analyst Predicts Bitcoin Could Reach $150,000 by Year-End
Despite concerns of a post-halving slump in the cryptocurrency market, Geoff Kendrick, head of digital assets research at Standard Chartered, remains optimistic about Bitcoin’s future. Kendrick boldly predicts that Bitcoin could reach $150,000 by the end of the year and $200,000 by the end of 2025.
The analyst’s bullish forecast is based on the recent approval of several spot Bitcoin ETFs by the US Securities and Exchange Commission. Kendrick believes that the influx of funds into these ETFs could drive Bitcoin’s price to new heights, potentially reaching between $50 billion and $100 billion in flows.
Drawing parallels to the growth of the gold market after the introduction of gold ETFs in 2004, Kendrick suggests that Bitcoin could follow a similar trajectory if the crypto ETF market matures within the next 18-24 months. He envisions a scenario where investors allocate 80% of their portfolios to gold and 20% to Bitcoin, potentially pushing the price of Bitcoin to his targeted range.
In addition to the potential for increased demand from investors, Kendrick also highlights the role of institutional investment in stabilizing Bitcoin’s price and reducing volatility. He believes that if Bitcoin reaches $200,000 due to institutional flows, the cryptocurrency is less likely to experience significant retracements as seen in previous cycles.
Despite recent stagnation in Bitcoin’s price following the fourth halving and external factors such as slow ETF inflows and geopolitical tensions, the cryptocurrency is still up over 55% year-to-date. Currently trading at around $66,000, Bitcoin has shown resilience and continues to attract investor interest.
While Kendrick’s optimistic outlook may be met with skepticism by some analysts, his bold predictions underscore the potential for Bitcoin to continue its upward trajectory in the coming months and years. As the cryptocurrency market evolves and institutional interest grows, Bitcoin’s price could indeed reach new heights, as Kendrick suggests.
