Despite the recent pullback, the price of Bitcoin could more than double this year thanks to a bullish pattern that could revive its rise, according to Geoff Kendrick, head of digital assets research at Standard Chartered.
In a recent interview with BNN Bloomberg, Kendrick reiterated his firm's $150,000 price target and predicted a 127% upside for Bitcoin by the end of the year.
Bitcoin has experienced a pullback in recent weeks, losing 11% from its all-time high of around $73,000 in March of this year. Kendrick said this pullback was due to slowing inflows into Bitcoin ETFs and rising tensions in the Middle East, which “dominates” crypto markets for now.
But Kendrick believes this trend could reverse later in the year, thanks to a large wave of investor inflows. Kendrick estimates that spot Bitcoin ETFs have attracted approximately $12 billion in investment since they were approved in January. While crypto investors may be temporarily cautious, Kendrick estimates that inflows could rise to $50 billion to $100 billion over the next two years as the crypto ETF market in the U.S. becomes more “mature.”
Kendrick said Bitcoin also appeared to be in an upward trend after the halving event. “From where we are right now, it's starting to look like we could be on the rise again,” Kendrick said.
Standard Chartered is among the most bullish Bitcoin forecasters on Wall Street, and the firm has also predicted that Bitcoin could climb to $250,000 in 2025, representing a 266% increase from the coin's March levels.
*This is not investment advice.