StanChart predicts new ATH on favorable payroll data, maintains $150k Bitcoin price
The post StanChart predicts new ATH on favorable payroll data, maintains $150k Bitcoin price appeared on BitcoinEthereumNews.com.
Bitcoin is poised to reach a new all-time high this weekend if upcoming payroll data on June 7 is favorable, according to Standard Chartered’s head of crypto research Geoffrey Kendrick. According to Kendrick: “Should tomorrow’s payroll data be favorable, I anticipate a fresh all-time high over the weekend, potentially paving the way for Bitcoin to hit $80,000 by the end of June.” The flagship crypto was trading a little above $71,000 as of press time. $150k BTC on Trump victory Kendrick also reaffirmed previous projections and said he maintains a bullish outlook on Bitcoin’s price, predicting it will reach $150,000 by the end of 2024 and $200,000 by the end of 2025. Achieving a $150,000 price point would elevate Bitcoin’s market capitalization to $3 trillion, a milestone recently reached by Nvidia. Looking ahead to the US election, Kendrick sees it as a significant driver for Bitcoin prices. The Biden administration has shown a mixed stance, approving Ethereum ETFs but vetoing efforts to repeal SAB 121, indicating a pragmatic yet cautious approach. In contrast, former President Donald Trump is perceived as more favorable toward crypto. Kendrick said: “As we approach the US election, I expect Bitcoin to reach $100,000, with the potential to climb to $150,000 by year-end in the event of a Trump victory.” He added that investors should maintain their positions in Bitcoin amid these positive trends and market conditions. ETF inflows surge The forecast comes amid a surge in net inflows into US spot Bitcoin ETFs, which have now surpassed $15 billion. The recent inflows mark 17 consecutive trading days of positive movement, with Tuesday alone seeing $887 million in new investments, the second-highest single-day inflow on record. This trend began in mid-May, following the release of 13F filings that highlighted strong and diverse holdings in Bitcoin ETFs…
Filed under: News - @ June 7, 2024 12:24 am