Analysts from a leading international cross-border bank, Standard chartered have made a bold prediction that Bitcoin could witness a significant rise new all-time highs above $73,700. This projection, slightly higher than the cryptocurrency’s previous peak, comes with an unexpected and very ambitious timeline.
Bitcoin poised to reach new all-time highs
Geoff Kendrick, Head of EM FX Research, West and Crypto Research, Standard Chartered, has 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 all-time high on March 14, 2024, to witness a massive surge to around $73,798.
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The analyst has predicted a rather grandiose timeline for this bullish rally, expecting Bitcoin to reach the predicted price target this weekend. Kendrick attributed this potential price increase to the recent influx in Discover Bitcoin ETFs.
Earlier on May 21, data from Farside investors indicated that Spot Bitcoin ETFs had done just that recorded their best intake week in the past two months. The digital asset saw inflows of more than $305.7 million, with BlackRock’s Bitcoin Trust ETF (IBIT) garnering the largest inflows of $290 million.
Cumulatively, Spot Bitcoin ETFs do included an inflow of more than $13 billion from its launch on January 11 to date. This increased demand and capital inflows, which were a major contributor to Bitcoin’s previous surge to a new all-time high in March, could lead causing new surges for the cryptocurrency.
Kendrick also revealed the possible endorsement of Ethereum Spot ETFs by the US Securities and Exchange Commission (SEC) could have a significant impact on Bitcoin’s price dynamics. The analyst has doubled his previous price forecast, which anticipates Bitcoin’s rise to $150,000 by the end of 2024 and an increase of as much as $200,000 by 2025.
BTC Price Analysis
At the time of writing, the price of Bitcoin is trading at $70,013, reflecting a slight decline of 1.39% in the past 24 hours, according to CoinMarketCap. The cryptocurrency is on a stable bullish momentum over the past week with continued price increases, leading to a sharp increase of 12.86%.
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The popular crypto analyst Michael van de Poppe has done that reported that Bitcoin is up more than 20% since its previous low of $56,000 earlier this year. The approval of an Ethereum Spot ETF could potentially see the cryptocurrency’s price rise more, following previous patterns when the SEC Approval of Spot Bitcoin ETFs caused a major price spike for the pioneer cryptocurrency.
This sentiment for a bullish breakout is shared by crypto analyst Ali Martinez, who has done just that claimed that Bitcoin is currently showing strong potential for further gains, underscoring the cryptocurrency’s robust price potential strong foundations.
Featured image created with Dall.E, chart from Tradingview.com