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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.
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%.
Image Via Shutterstock
Engineered by Benzinga Neuro, Edited by Kaustubh Bagalkote
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