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CryptoXTimes > Article > News > Bitcoin Standard Chartered Forecasts $150,000 Price by Year-End
NewsBitcoin News

Bitcoin Standard Chartered Forecasts $150,000 Price by Year-End

Standard Chartered's Geoff Kendrick: $150,000 Bitcoin goal holds firm.

Nayab Fatima
Last updated: April 23, 2024 10:29 am
Nayab Fatima 1 year ago
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Bitcoin Standard Chartered Forecasts $150,000 Price by Year-End

Geoff Kendrick, head of digital assets research at Standard Chartered, said the bank is steadfast in its ambitious goal of $150,000 for Bitcoin by year’s end, despite continued market volatility and global instability. In a long interview with BNN Bloomberg, Kendrick emphasized that impending halving events and inflows into exchange-traded funds (ETFs) are key reasons driving up the price of Bitcoin.

From the earliest days of the US Bitcoin ETFs in early 2024, Kendrick highlighted the remarkable inflow of capital, amounting to about $12 billion in net inflows. “The ETF inflows in the US have significantly influenced demand-supply metrics in 2024 thus far,” he said, highlighting the development’s grave importance. This signifies a substantial change in the course. 

Bitcoin Trajectory, Halving, Blockchain, Volatility

Based on equating the current trajectory of Bitcoin with the historical performance of gold after the introduction of gold exchange-traded funds (ETFs), Kendrick calculated that $50–100 billion may be invested in the US ETF market by the time it matures.

In addition to ETF inflows, Kendrick underlined the significance of the impending halving event, which will reduce the rate at which new Bitcoin enters circulation by half by reducing mining rewards from 900 BTC to 450 BTC each day. “Once we have the halving, there will be only half as many new coins, which will have a positive impact on supply dynamics,” said Kendrick, emphasizing the short-term implications on dynamics of supply even if he acknowledged that the halving would not be as significant as previous occurrences.

As industry observers like Jamie Dimon of JPMorgan criticized Bitcoin, labeling it a “Ponzi scheme,” Kendrick defended the blockchain technology behind the cryptocurrency and highlighted how it could transform a multitude of industries. He pointed out that blockchain is gaining traction outside of the financial services sector and anticipated significant developments over the course of the next five to ten years. 

Kendrick also discussed the market’s recent volatility and brought up a notable sell-off in Bitcoin just prior to the halving event, which resulted in the liquidation of $260 million in leveraged positions in the cryptocurrency. After the halving, he believed that this corrective move would result in a more stable market.

In closing, Kendrick expressed optimism about the direction that Bitcoin will take, forecasting not only a bounce back but also a sizable increase in value driven by the growth of the ETF industry and technological developments. He went above and above the target for this year, forecasting that the entire value of a Bitcoin may approach $200,000 by the end of 2025.

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TAGGED: Bitcoin, Crypto, Cryptocurrencies, ETF
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