Bitcoin Is Still poised for a significant rally by the end of 2024, with Standard Chartered predicting the cryptocurrency could reach $150,000, more than doubling its current price. Despite a recent pullback in Bitcoin’s price, the firm’s head of digital assets research, Geoff Kendrick, is confident in a bullish backdrop for the token.
Geoff Kendrick’s Bullish Outlook
Kendrick spoke to BNN Bloomberg last week, reiterating his firm’s price target of $150,000, representing a 127% upside for Bitcoins by the end of 2024. His prediction comes amid a recent slide in Bitcoin’s price, which dropped 11% from its all-time high of around $73,000 in March 2024. Despite this downturn, Kendrick remains optimistic about Bitcoin’s prospects.
Bitcoin’s Recent Pullback and Factors Contributing to It
The pullback in Bitcoin’s price was driven by several factors, including slowing inflows into Bitcoin exchange-traded funds (ETFs) and rising tensions in the Middle East. These elements have caused caution among crypto traders, leading to a temporary downturn in the market. However, Kendrick believes these conditions will likely reverse later this year, paving the way for Bitcoin’s resurgence.
The Role of Bitcoin ETFs in the Recent Market Dynamics
Bitcoin ETFs have seen a reduction in inflows, with the initial surge after their approval in January losing momentum. According to Kendrick, spot Bitcoin ETFs have taken in around $12 billion, but he anticipates inflows could pick up to $50 billion to $100 billion over the next two years as the crypto ETF market in the United States matures. This maturation could play a pivotal role in boosting Bitcoin’s price.
Bitcoin’s Price Outlook for 2024
Kendrick points to Bitcoin’s halving event as a significant factor in the cryptocurrency’s bullish trajectory. The halving reduces the reward for Bitcoin miners, effectively limiting the supply of new Bitcoin entering circulation. This reduction in supply has historically led to price spikes, with previous halving events resulting in fresh all-time highs within 12 months. Given this trend, Kendrick is confident that Bitcoin can push higher in 2024.
Investor Sentiment and Market Influences
Geopolitical tensions and market sentiment have significantly influenced Bitcoin’s recent performance. The rising tensions in the Middle East have had a dampening effect on the cryptocurrency market. However, Kendrick believes that once these tensions ease and the broader market stabilizes, Bitcoin’s price could rebound strongly, supporting his bullish outlook.
Bitcoin’s Path to $150,000
Standard Chartered’s prediction of $150,000 by the end of 2024 is based on historical trends and expected investor inflows. The halving event and the potential growth in Bitcoin ETFs are seen as key drivers for this upward trajectory. While short-term fluctuations are expected, the overall outlook suggests a positive future for Bitcoin.
Standard Chartered’s Further Predictions
Looking ahead, Standard Chartered has made even more ambitious predictions for Bitcoin, suggesting it could climb to $250,000 by 2025. This would represent a 266% upside from its levels in March 2024. While these predictions are bullish, the cryptocurrency market remains volatile, and several factors could influence its long-term growth.
Conclusion
Despite the recent pullback, Bitcoin is still on track to reach $150,000 by the end of 2024, according to Standard Chartered. The cryptocurrency’s halving event, coupled with expected investor inflows into Bitcoin ETFs, could drive this growth. While geopolitical tensions and market sentiment could cause short-term fluctuations, the overall trajectory points toward a positive outlook for Bitcoin and other cryptocurrencies.
FAQs
What Is Standard Chartered’s Prediction for Bitcoin in 2024?
Standard Chartered predicts that Bitcoin could reach $150,000 by the end of 2024, representing a 127% upside from its current price.
What Factors Could Drive Bitcoin’s Price to $150,000 by Year-End?
Several factors could drive Bitcoin’s price to $150,000, including the recent halving event, expected investor inflows into Bitcoin ETFs, and a generally bullish outlook for the cryptocurrency market.
How Did the Recent Pullback Affect Bitcoin’s Outlook?
Bitcoin’s recent pullback, driven by slowing inflows into Bitcoin ETFs and rising geopolitical tensions, has caused caution among traders. However, Standard Chartered believes these factors will reverse later this year, allowing Bitcoin to regain momentum.
What Role Do Bitcoin ETFs Play in Influencing the Market?
Bitcoin ETFs provide a way for investors to gain exposure to Bitcoins without owning the cryptocurrency directly. Inflows into these ETFs can impact Bitcoin’s price, and Standard Chartered predicts that as the ETF market matures, it could lead to significant growth in the cryptocurrency’s value.
What Is the Long-Term Outlook for Bitcoin and Cryptocurrencies?
Standard Chartered’s long-term outlook for Bitcoins is bullish, predicting that it could climb to $250,000 by 2025. While this prediction is optimistic, the cryptocurrency market remains volatile, and future growth will depend on various factors, including market sentiment, regulatory changes, and geopolitical events.