According to Geoffrey Kendrick, a top crypto analyst at Standard Chartered, Bitcoin is primed for significant price gains in the near future, even amidst recent price fluctuations. Kendrick predicts that Bitcoin could soar to $150,000 per coin, while Ether may reach $8,000 by the end of 2024, reinforcing the bank’s bullish stance on cryptocurrencies. The analyst attributes this positive outlook to the fact that potential negative factors have already been factored into the market prices of BTC and ETH, allowing positive underlying drivers to dominate once again. Kendrick also highlights the importance of cleaner market positioning and the removal of leveraged long positions in BTC futures following a major liquidation event in response to external geopolitical tensions.
Despite Bitcoin’s temporary dip below $60,000 following news of geopolitical conflicts, Kendrick remains optimistic about its future trajectory. He emphasizes that Bitcoin’s scheduled halving, which reduces the rate of new issuance, and the increasing adoption of Bitcoin exchange-traded funds (ETFs) will likely bolster prices as we approach the latter part of 2024. Even amid various challenges such as regulatory hurdles, legal disputes, and economic factors, Kendrick believes that Bitcoin has the potential to surpass its previous all-time high of $73,797.68 and continue on an upward trend.
The market dynamics surrounding Bitcoin have evolved significantly in recent years, with institutional investors increasingly influencing price movements. This shift has led to Bitcoin often responding to market events more swiftly than traditional assets like equities, given the crypto market’s continuous trading cycle. While Bitcoin faces obstacles like stalled ETF inflows in the U.S. and regulatory uncertainties, Kendrick remains bullish due to factors like the reduced post-halving supply and improving global ETF landscape. With geopolitical tensions showing signs of easing, Kendrick suggests that now could be a strategic moment to consider long-term investments in Bitcoin.
As the cryptocurrency landscape continues to evolve and adapt to external factors, Bitcoin’s resilience and potential for substantial growth remain a focal point for investors and analysts alike. The upcoming months are poised to be crucial for the cryptocurrency market, with Bitcoin’s halving event and ETF developments playing pivotal roles in shaping its price trajectory. Kendrick’s forecast of Bitcoin reaching $150,000 post-halving underscores the ongoing bullish sentiment surrounding the digital asset, highlighting a possible resurgence in investor interest and market confidence.
