Analysts of the main international cross-border bank, bitcoin-200k/” rel=”nofollow”>Chartered Standard have made a bold prediction that bitcoin could witness a significant rise to new all-time highs above $73,700. This projection, slightly higher than the cryptocurrency's previous peak, comes with an unexpected and totally ambitious schedule.
bitcoin about to hit new all-time highs
Geoff Kendrick, Head of Emerging Markets Currency Research, Western 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 about to surpass its previous all-time high on March 14, 2024, to witness a massive rise to approximately $73,798.
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The analyst has projected a pretty grandiose timeline for this bullish rally, expecting bitcoin to hit the expected price target by the weekend. Kendrick attributed this possible price increase to recent capital inflows crypto-401k-market-poised-to-enter-bitcoin-etfs-standard-chartered-analyst-says/” rel=”nofollow”>Spot bitcoin ETFs.
Previously, on May 21, Farside investor data indicated that bitcoin spot ETFs had bitcoin-etfs-record-inflows/” rel=”nofollow”>recorded its best week of influx in the last two months. The digital asset recorded more than $305.7 million in inflows, with BlackRock's bitcoin Trust ETF (IBIT) racking up the largest inflows of $290 million.
Collectively, bitcoin spot ETFs have Recorded receipts of more than 13 billion dollars from its launch on January 11 to the present. This surge in demand and capital inflow, which had largely contributed to bitcoin's previous rise to a new all-time high in March, could bitcoin-over-1b-inflows-fuel-etf-rally/” rel=”nofollow”>drive further increases for cryptocurrency.
Kendrick has also revealed that the possible approval of ethereum Spot ETF by the United States Securities and Exchange Commission (SEC) could have a significant impact on the price dynamics of bitcoin. The analyst has doubled down on his previous price prediction that anticipates The rise of bitcoin to $150,000 by the end of 2024 and a huge increase of $200,000 in 2025.
btc price analysis
At the time of writing, the bitcoin price It is trading at $70,013, reflecting a slight drop of 1.39% in the last 24 hours, according to CoinMarketCap. Cryptocurrency has been in a constant bullish momentum Over the past week, it has seen steady price increases, leading to a sharp rise of 12.86%.
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Popular crypto analyst Michael van de Poppe has x.com/cryptomichnl/status/1792838994193260619?s=46″ rel=”nofollow”>reported that bitcoin is up more than 20% from its previous lows of $56,000 earlier this year. He ethereum-etf-closer-to-approval/” rel=”nofollow”>approval of an ethereum Spot ETF could see that the price of the cryptocurrency could rise further, following previous patterns when the SEC Approval of bitcoin Spot ETFs It triggered a major price surge for the pioneering cryptocurrency.
This sentiment of a bullish breakout is shared by cryptoanalyst Ali Martínez, who has x.com/ali_charts/status/1792479944586448945?s=46″ rel=”nofollow”>he claimed that bitcoin currently shows strong potential for further gains, underscoring the cryptocurrency's strong price potential and strong fundamentals.
Featured image created with Dall.E, chart from Tradingview.com
