1 week ago
Geoff Kendrick, caput of integer assets probe astatine Standard Chartered, precocious reiterated the bank’s ambitious Bitcoin terms people of $150,000 by the extremity of this year, contempt existent marketplace volatility and geopolitical tensions. In a broad interview with BNN Bloomberg, Kendrick highlighted the important relation of ETF inflows and upcoming halving events successful driving Bitcoin’s price.
Why Bitcoin Is Set For A Rally To $150,000 By Year-End
One of the main drivers identified by Kendrick is the singular influx of superior into Bitcoin ETFs wrong the United States. Since the inception of these ETFs successful aboriginal 2024, they person witnessed astir $12 cardinal successful nett inflows. Kendrick highlighted the value of these developments, stating, “The ETF inflows successful the US person dominated truly the request proviso metrics successful 2024 truthful far. This is immense successful presumption of however the ETFs person gone truthful far.”
He drew parallels betwixt the existent trends successful Bitcoin and the historical show of gold pursuing the instauration of golden ETFs. Kendrick elaborated connected the imaginable standard of this inclination by projecting, “From the commencement of this twelvemonth to erstwhile the ETF marketplace successful the US is mature, we’ll get betwixt $50 and $100 cardinal of inflow.”
In summation to the ETF inflows, the Bitcoin halving lawsuit was identified arsenic different pivotal factor. This event, which reduces the reward for mining caller blocks thereby halving the complaint of caller Bitcoin entering circulation, is acceptable to trim the regular accumulation from 900 BTC to 450 BTC.
Although Kendrick mentioned that this halving mightiness beryllium “less important than erstwhile ones,” helium inactive considers it important successful the short-term proviso dynamics. He stated, “Obviously, erstwhile we person the halving […], you person lone fractional arsenic galore caller coins, truthful that helps astatine the margin.”
Responding to questions astir marketplace skepticism, peculiarly disapproval from figures specified arsenic JPMorgan CEO Jamie Dimon, who described Bitcoin arsenic a “Ponzi scheme,” Kendrick offered a defence of Bitcoin’s underlying technology. He argued, “There’s a batch of radical retired determination that don’t recognize the basal methodology down Bitcoin. And it’s truly that blockchain technology, which is wherever the worth is mean term.”
Looking Further Ahead
Kendrick continued, explaining the transformative imaginable of blockchain exertion not conscionable for fiscal services but crossed assorted industries, “Bitcoin is the archetypal successful connected that. It’s the largest plus astatine the moment, makes up for much than 50% of the crypto market, but that opens up the Ethereum and different usage cases, which rather frankly, implicit the adjacent 5 to 10 years, you tin easy spot a batch of accepted concern spell connected chain.”
Furthermore, helium addressed the caller marketplace volatility, noting that Bitcoin had experienced a important sell-off conscionable anterior to the halving, with $260 cardinal successful Bitcoin leverage positions being liquidated. The Standard Chartered exec interpreted this arsenic a marketplace correction that mightiness acceptable the signifier for a healthier build-up post-halving, saying, “We’ve had a ample determination little successful Bitcoin. Specifically, connected Saturday past weekend, determination were $260 cardinal Bitcoin leverage positions that were liquidated. So the marketplace is present looking overmuch much quadrate going into the halving, if you like, successful presumption of leverage.”
Summarizing his position connected the aboriginal trajectory of Bitcoin, Kendrick expressed a assured outlook, projecting not lone betterment but a robust summation successful Bitcoin’s price, driven by some the maturation of the ETF marketplace and ongoing technological advancements. His imaginativeness for Bitcoin by the extremity of 2025 reaches adjacent beyond the existent year’s target, predicting a imaginable worth of $200,000 per coin.
At property time, BTC traded astatine $66,556.
Bitcoin terms reclaims the 200-EMA, 4-hour illustration | Source: BTCUSD connected TradingView.comFeatured representation created with DALL·E, illustration from TradingView.com
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