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Geoff Kendrick, head of digital assets research at Standard Chartered, is still optimistic about Bitcoin, with his firm setting a year-end price target of $150,000.
According to Business Insider, “Bitcoin’s price could still more than double this year,” said Kendrick.
Speaking on BNN Bloomberg, Kendrick pointed out that Bitcoin (BTC) has recently faced a downturn, sliding 11% from its peak at about $73,000 in March.
He noted that “this pullback stems primarily from slowing inflows into Bitcoin ETFs and rising tensions in the Middle East,” which have temporarily overshadowed the market.
Despite these challenges, Kendrick remains confident about the market’s capacity to recover by reiterating Standard Chartered’s statement from last month with a price prediction of $150,000 by year’s end.
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“From where we are now, it’s starting to look like we can push higher again,” Kendrick said, citing the cyclical nature of Bitcoin’s past performance, especially after halving events. Previous halving events have historically triggered price surges by reducing the new Bitcoin supply.
Moreover, Kendrick forecasts significant growth in ETF investments. Since the approval of spot Bitcoin ETFs in January, nearly $12 billion has flowed into the market.
With increasing maturity in the U.S. ETF sector, Kendrick projects that inflows could soar to between $50 billion and $100 billion over the next two years.
Standard Chartered remains one of the most bullish on Bitcoin’s prospects, even predicting a potential rise to $250,000 by 2025, marking a 266% increase from its March levels. The company’s optimism reflects a broader belief in Bitcoin’s long-term ascendancy in the financial markets.
Read more: 5 important facts about the Bitcoin halving
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