Bitcoin has experienced a remarkable recovery this week, with its price surging to its highest level in 2024. According to a Standard Chartered analyst, this upward trend could lead to a price point of $100,000 by the end of 2024.
After a disappointing January, Bitcoin has seen a significant surge, rising by 11.7% over the week and reaching approximately $47,565 on Friday. This positive movement has caught the attention of Geoff Kendrick, head of FX Research at Standard Chartered, who has long been optimistic about Bitcoin’s future. Kendrick believes that the cryptocurrency could reach $100,000 by the end of the year and even $200,000 by the end of 2025.
Kendrick’s forecast is based on the potential approval of Bitcoin spot ETFs by the Securities and Exchange Commission (SEC) on January 10. He predicts that these new investment vehicles will attract significant inflows into the crypto sector, potentially drawing in more traditional financial players.
Despite a sharp decline after the launch of the spot ETFs, Bitcoin’s price has rebounded. Kendrick attributes this resurgence to a slowdown in outflows from the Grayscale ETF and a continued strong inflow into other ETFs. He believes that the changing flow dynamics in the new US ETFs are responsible for Bitcoin’s current performance.
This positive trend in Bitcoin’s price supports the predictions of other industry experts as well. Last month, CoinShare’s chief strategy officer, Meltem Demirors, predicted that Bitcoin could hit the $100,000 mark based on potential inflows of up to $100 billion post the spot Bitcoin ETF approval.
Standard Chartered’s previous outlook for Bitcoin’s price to reach $100,000 by the end of 2024 seems to be coming true. Kendrick stated that “everything is working as expected,” indicating that his predictions are aligning with the current market movement.
It is important to note that this article was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors. The image used in this article is credited to Walerssk from Pixabay.
In conclusion, Bitcoin’s remarkable recovery and the positive outlook from Standard Chartered’s analyst suggest that the cryptocurrency could reach a price point of $100,000 by the end of 2024. This surge in price is attributed to the potential approval of Bitcoin spot ETFs, which could attract significant inflows into the crypto sector. Industry experts’ predictions and the current market movement support this optimistic outlook for Bitcoin’s future.
