Geoff Kendrick, the head of digital assets research at Standard Chartered, is doubling down on his optimism regarding Bitcoin, as his firm maintains a year-end price target of $150,000 for the cryptocurrency.
As reported by Business Insider, Kendrick expressed confidence that “Bitcoin’s price could still more than double this year.”
In an interview with BNN Bloomberg, Kendrick acknowledged Bitcoin’s recent decline, which saw a 11% slide from its peak at approximately $73,000 in March. He attributed this pullback to slowing inflows into Bitcoin ETFs and escalating tensions in the Middle East, which momentarily overshadowed the market sentiment.
Nevertheless, Kendrick remains steadfast in his outlook, reiterating Standard Chartered’s prediction made last month of Bitcoin reaching $150,000 by the end of the year.
“From where we are now, it’s starting to look like we can push higher again,” Kendrick remarked, highlighting Bitcoin’s historical performance patterns, particularly post-halving events. Historically, halving events have triggered price surges by reducing the new supply of Bitcoin.
Kendrick also anticipates substantial growth in ETF investments. Since the approval of spot Bitcoin ETFs in January, the market has witnessed nearly $12 billion flowing into ETFs. Looking ahead, Kendrick projects that ETF inflows could skyrocket to between $50 billion and $100 billion over the next two years as the U.S. ETF sector matures.
Standard Chartered’s bullish stance on Bitcoin extends beyond the short term, with the firm predicting a potential rise to $250,000 by 2025, representing a 266% increase from its March levels. This optimism underscores the broader belief in Bitcoin’s enduring prominence in the financial markets.
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