- Standard Chartered’s top crypto analyst, Geoffrey Kendrick, remains bullish, predicting significant rises for Bitcoin and Ether by the end of 2024.
- “Market positioning is much cleaner, paving the way for new gains,” says Kendrick, reflecting on recent liquidations and geopolitical influences.
- Kendrick highlights the impact of Bitcoin’s halving and the potential of new ETFs as key drivers for the predicted price surge.
As geopolitical and economic uncertainties fluctuate, Standard Chartered’s latest analysis projects Bitcoin to soar to $150,000, with structural market changes and new ETF launches fueling optimism.
Bitcoin’s Path to $150,000: Analyzing the Impact of Market Clean-Up and Halving
Geoffrey Kendrick, head of crypto research at Standard Chartered, has reinforced a bullish outlook for Bitcoin, despite recent market dips. Following a significant liquidation event that cleared $261 million in leveraged Bitcoin positions, Kendrick sees a “cleaner” market that could support robust price movements. The recent Bitcoin halving, which has cut the supply of new coins entering the market, is expected to further tighten supply and bolster prices.
Geopolitical Tensions and Bitcoin’s Market Reaction
Last week’s military actions between Iran and Israel led to a temporary dip in Bitcoin prices, as traders reacted to immediate geopolitical risks. However, Bitcoin’s quick recovery and resilience in the face of such news highlights its evolving role in global markets. Kendrick believes that easing tensions and the cleaned-up market positioning could create ideal conditions for Bitcoin’s price to ascend towards new highs.
ETFs and Institutional Inflows: A Catalyst for Growth
The anticipated rise in Bitcoin prices is also linked to the growth of Bitcoin ETFs, which Kendrick notes are absorbing billions of dollars from the markets. These ETFs reduce the supply of Bitcoin available on exchanges, creating a supply-demand dynamic favorable to price increases. Despite a slowdown in new ETF inflows in the US, improvements in the global ETF landscape, including those in the UK and Hong Kong, are seen as positive signs.
Future Outlook: High Hopes Despite Regulatory and Economic Hurdles
While challenges remain, such as potential regulatory setbacks and high U.S. Treasury yields, the overall outlook for Bitcoin remains overwhelmingly positive according to Standard Chartered. Kendrick’s confidence in Bitcoin’s ability to reach unprecedented price levels is bolstered by improved market conditions and ongoing institutional adoption.
Conclusion
As we approach the end of 2024, the combined effects of market clean-up, halving-related supply shocks, and the burgeoning ETF market are expected to drive Bitcoin towards the $150,000 mark. Kendrick’s insights suggest a strategic re-engagement in Bitcoin investments, particularly as geopolitical and market conditions stabilize, paving the way for new highs in the cryptocurrency arena.
