👀 Ones to watch: Undervalued stocks to buy before they report Q3 earningsSee Undervalued Stocks

Bitcoin To More Than Double In Value To $150K By Year-End, Says Standard Chartered Analyst: 'We Can Push Higher Again'

Published 23/04/2024, 05:59
Bitcoin To More Than Double In Value To $150K By Year-End, Says Standard Chartered Analyst: 'We Can Push Higher Again'
BTC/USD
-

Benzinga - The price of Bitcoin (CRYPTO: BTC) could still more than double this year, according to a bullish forecast by Standard Chartered analyst Geoff Kendrick, despite the recent pullback.

What Happened: Kendrick, the head of digital assets research at Standard Chartered, has reiterated the firm’s price target of $150,000 for Bitcoin by the end of 2024, suggesting a 127% increase from the current levels, during an interview with BNN Bloomberg.

Despite a recent 11% slide from its all-time high of around $73,000 in March, Kendrick believes that Bitcoin’s price could surge again later in the year. The pullback was attributed to a decrease in inflows into Bitcoin ETFs and escalating tensions in the Middle East.

“From where we are now, it’s starting to look like we can push higher again,” Kendrick said.

Kendrick anticipates a significant influx of investor funds in the coming months, with spot Bitcoin ETFs already amassing around $12 billion since their approval in January. He predicts that these inflows could reach $50 billion to $100 billion over the next two years as the U.S. crypto ETF market matures.

See Also: Bitcoin Signals Potential 67% Gain As This Key Metric Dips Below 90-Day Average: Analyst Says ‘Perfect Ti

Moreover, Kendrick pointed out that Bitcoin’s recent halving event, which reduces the reward for Bitcoin miners and the amount of new Bitcoin entering circulation, historically leads to a surge in Bitcoin prices. This trend, combined with the anticipated investor inflows, could propel Bitcoin to new highs.

Why It Matters: Despite the recent pullback, several analysts and experts have maintained a positive outlook on Bitcoin’s future. Michael van de Poppe, a cryptocurrency analyst, recently predicted a market upswing following the Bitcoin halving event, suggesting that the market rotation has already begun.

Meanwhile, renowned economist Peter Schiff has warned against piling into “risk assets” like Bitcoin amid inflation concerns, advocating for gold as a safer investment.

On the other hand, Ali Martinez, a prominent crypto analyst, has identified a potential buying opportunity for Bitcoin, with a potential 67% gain as the MVRV ratio dips below its 90-day average.

Price Action: According to data from Benzinga Pro, Bitcoin is currently priced at $66,601, marking a slight decrease of 0.39% in the last 24 hours. Nevertheless, it has surged by an impressive 50.78% year-to-date. In comparison, Ethereum (CRYPTO: ETH) is trading at $3,189, experiencing a 0.37% decrease in the last 24 hours but still showing a notable increase of 35.58% year-to-date.

Meanwhile, Dogwifhat (WIF), a popular memecoin trading at $2.81, has delivered the highest year-to-date returns, with the coin soaring by more than 1735%.

Read Next: Doge Day Has An Elon Musk Connection, Meme Coin Rebounds After The Bitcoin Halving ‘Sell-The-News’ Drop

Image Via Shutterstock

Engineered by

Benzinga Neuro, Edited by

Kaustubh Bagalkote

The GPT-4-based Benzinga Neuro content generation system exploits the

extensive Benzinga Ecosystem, including native data, APIs, and more to

create comprehensive and timely stories for you.

Learn more.

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.