The Mega Bull Market Is Coming! Standard Chartered: Bitcoin Could Rise to $150,000 by the End of 2024
Geoff Kendrick, Head of Digital Asset Research at Standard Chartered, indicated that the bullish setup for cryptocurrencies could reignite their upward trajectory, suggesting that Bitcoin's price could more than double this year.
During an interview with BNN Bloomberg last week, Kendrick reiterated the company's prediction of a $150,000 target price for Bitcoin, implying a 127% increase by the end of the year.
Bitcoin has seen a decline in recent weeks, falling 11% from its historical high of about $73,000 in March this year.
Kendrick noted that a slowdown in Bitcoin ETF inflows and heightened tensions in the Middle East, which currently "dominates" the cryptocurrency market, drove the recent pullback. However, he believes this could reverse later this year due to significant investor inflows.
Kendrick estimated that since its approval in January, the spot Bitcoin ETF has attracted about $12 billion in funds. He forecasts that inflows could increase to between $50 billion and $100 billion over the next two years, as the U.S. cryptocurrency ETF market matures.
Following the halving event, Kendrick also sees Bitcoin on a bullish track. The halving reduces the reward for Bitcoin miners, thus decreasing the amount of new Bitcoin entering circulation. Traditionally, this has led to a surge in Bitcoin prices, with prices reaching new all-time highs within 12 months after the last three halving events.
Kendrick stated, "From where we stand now, it seems Bitcoin could climb even higher."
Standard Chartered is one of Wall Street's most optimistic Bitcoin forecasting institutions. The company also predicts that Bitcoin's price could climb to $250,000 by 2025, which would mean a 266% increase from its level in March.
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