Standard Chartered Reaffirms $150,000 Bitcoin Price Target By Year-End
23 Abril 2024 - 3:30AM
NEWSBTC
Geoff Kendrick, head of digital assets research at Standard
Chartered, recently reiterated the bank’s ambitious Bitcoin price
target of $150,000 by the end of this year, despite current market
volatility and geopolitical tensions. In a comprehensive interview
with BNN Bloomberg, Kendrick highlighted the significant role of
ETF inflows and upcoming halving events in driving Bitcoin’s price.
Why Bitcoin Is Set For A Rally To $150,000 By Year-End One of the
principal drivers identified by Kendrick is the remarkable influx
of capital into Bitcoin ETFs within the United States. Since the
inception of these ETFs in early 2024, they have witnessed
approximately $12 billion in net inflows. Kendrick highlighted the
significance of these developments, stating, “The ETF inflows in
the US have dominated really the demand supply metrics in 2024 so
far. This is huge in terms of how the ETFs have gone so far.” He
drew parallels between the current trends in Bitcoin and the
historical performance of gold following the introduction of gold
ETFs. Kendrick elaborated on the potential scale of this trend by
projecting, “From the start of this year to when the ETF market in
the US is mature, we’ll get between $50 and $100 billion of
inflow.” Related Reading: Conservative Projection Places Bitcoin At
$245,000 In 5 Years In addition to the ETF inflows, the Bitcoin
halving event was identified as another pivotal factor. This event,
which reduces the reward for mining new blocks thereby halving the
rate of new Bitcoin entering circulation, is set to reduce the
daily production from 900 BTC to 450 BTC. Although Kendrick
mentioned that this halving might be “less important than previous
ones,” he still considers it significant in the short-term supply
dynamics. He stated, “Obviously, once we have the halving […], you
have only half as many new coins, so that helps at the margin.”
Responding to questions about market skepticism, particularly
criticism from figures such as JPMorgan CEO Jamie Dimon, who
described Bitcoin as a “Ponzi scheme,” Kendrick offered a defense
of Bitcoin’s underlying technology. He argued, “There’s a lot of
people out there that don’t understand the basic methodology behind
Bitcoin. And it’s really that blockchain technology, which is where
the value is medium term.” Looking Further Ahead Kendrick
continued, explaining the transformative potential of blockchain
technology not just for financial services but across various
industries, “Bitcoin is the first in on that. It’s the largest
asset at the moment, makes up for more than 50% of the crypto
market, but that opens up the Ethereum and other use cases, which
quite frankly, over the next five to 10 years, you can easily see a
lot of traditional finance go on chain.” Related Reading: Market
Expert Predicts New Paradigm For Bitcoin: ‘Days Under $100,000
Numbered’ Furthermore, he addressed the recent market volatility,
noting that Bitcoin had experienced a significant sell-off just
prior to the halving, with $260 million in Bitcoin leverage
positions being liquidated. The Standard Chartered exec interpreted
this as a market correction that might set the stage for a
healthier build-up post-halving, saying, “We’ve had a large move
lower in Bitcoin. Specifically, on Saturday last weekend, there
were $260 million Bitcoin leverage positions that were liquidated.
So the market is now looking much more square going into the
halving, if you like, in terms of leverage.” Summarizing his
perspective on the future trajectory of Bitcoin, Kendrick expressed
a confident outlook, projecting not only recovery but a robust
increase in Bitcoin’s price, driven by both the maturation of the
ETF market and ongoing technological advancements. His vision for
Bitcoin by the end of 2025 reaches even beyond the current year’s
target, predicting a potential value of $200,000 per coin. At press
time, BTC traded at $66,556. Featured image created with DALL·E,
chart from TradingView.com
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