According to Geoff Kendrick, Head of FX Research and Digital Assets Research at Standard Chartered Bank, Bitcoin is predicted to reach an all-time high by the end of the week.
This prediction comes in light of the potential approval of spot Ethereum ETFs this week; Kendrick believes these funds will further legitimize the cryptocurrency industry and have a positive impact on Bitcoin.
“I expect Bitcoin to reach its all-time high of $73,798, March 14, by the end of the week,” Kendrick said in a recent email. Kendrick also expressed increased optimism this week about the potential approval of spot ETH ETFs, reinforcing his confidence in price targets of $150,000 for Bitcoin by the end of 2024 and $200,000 by the end of 2025.
Kendrick noted that inflows into spot Bitcoin ETFs have increased in recent days, with the total reaching an all-time high of $12.9 billion.
This rally comes after the SEC requested an update to its 19b-4 filings for spot Ethereum ETFs on Monday, indicating potential progress toward approval. The first round of spot ETH ETF deadlines is fast approaching, with VanEck's filing deadline being May 23 and Ark Invest/21Shares' filing deadline being May 24.
*This is not investment advice.
