Bitcoin Bitcoin/USD made a remarkable recovery this week, and second to Standard charter analyst, this could lead to a price of $100,000 by the end of 2024.
What happened: After a disappointing January, Bitcoin saw a significant rally, reaching its highest level in 2024. The cryptocurrency’s price rose 11.7% on the week, hitting around $47,565 on Friday, according to data from Benzinga Pro .
Geoff Kendrickhead of Forex Research at Standard Chartered, has long been optimistic about the future of Bitcoin. According to Business Insider, the cryptocurrency could reach $100,000 by the end of the year and even $200,000 by the end of 2025.
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Kendrick’s predictions are based on the approval of spot Bitcoin ETFs by the Securities and Exchange Commission, or SEC, on January 10. He predicts that these new investment vehicles will attract significant inflows into the cryptocurrency sector, potentially attracting more traditional financial players.
Despite a sharp decline after the launch of spot ETFs, the price of Bitcoin is now recovering. Kendrick attributes this recovery to a slowdown in outflows from the Grayscale ETFs and a continued strong inflow into other ETFs.
“I think it simply comes down to the changing dynamics of flows into new U.S. ETFs.” He said.
“Sales of GBTC appear to have slowed (to an average of $59 million per day this week) while flows into other ETFs continue to be strong (to an average of $244 million per day this week).”
Because matter: Also in November last year, Standard Chartered spoke about the prospect of Bitcoin’s price reaching $100,000 by the end of 2024. Kendrick said that “everything is working as expected” and it appears that his predictions are indeed coming true.
Furthermore, this surge also supports the predictions of other industry experts. Last month, The one from CoinShare strategic director, Meltem Demirorspredicted that Bitcoin could reach the $100,000 mark based on potential inflows of up to $100 billion following spot approval of the Bitcoin ETF.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and has been reviewed and published by Benzinga Editors.
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