Standard Chartered Predicts New Bitcoin Highs for 2024

With Bitcoin's (BTC) recent surge past $69,000, discussions about its potential peak in 2024 are heating up.

Analysts from Standard Chartered have made a notably optimistic forecast, suggesting Bitcoin could soon climb above $73,700, surpassing its previous all-time high.

Geoff Kendrick, head of EM FX and Crypto Research at Standard Chartered, predicts Bitcoin will surpass its previous ATH of approximately $73,798, registered on March 14, 2024.

This expected rise is linked to increased investments in spot Bitcoin ETFs. Data from Farside Investors indicated a significant inflow of $948 million into these ETFs from May 13 to May 17, marking the strongest week in two months.

Since their launch in January, Spot Bitcoin ETFs have accumulated over $13 billion, driving Bitcoin’s earlier price surges.

Kendrick also believes that the potential approval of spot Ethereum (ETH) ETFs by the SEC could further influence Bitcoin’s price. He maintains that Bitcoin might hit $150,000 by the end of 2024 and could soar to $200,000 in 2025.

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Alexander Stefanov

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