Geoff Kendrick, the leader of digital assets research at Standard Chartered, continues to show confidence in Bitcoin, as his company has set a year-end price target of $150,000.
As reported by Business Insider, Kendrick stated that “Bitcoin’s price could potentially double this year.”
During an interview with BNN Bloomberg, Kendrick highlighted that Bitcoin (BTC) has experienced a recent decline, dropping by 11% from its peak of around $73,000 in March. He attributed this pullback to reduced inflows into Bitcoin ETFs and escalating tensions in the Middle East, which have momentarily overshadowed the market.
Despite these obstacles, Kendrick remains optimistic about the market’s ability to bounce back, reiterating Standard Chartered’s prediction made last month of Bitcoin reaching $150,000 by the end of the year.
Kendrick expressed his belief that Bitcoin has the potential to rise further, referencing its cyclical performance history, particularly after halving events. Past halving events have historically led to price spikes by decreasing the new Bitcoin supply.
Additionally, Kendrick foresees significant growth in ETF investments. Following the approval of spot Bitcoin ETFs in January, approximately $12 billion has entered the market. With the U.S. ETF sector becoming more mature, Kendrick anticipates that inflows could reach between $50 billion and $100 billion over the next two years.
Standard Chartered retains a bullish outlook on Bitcoin, even predicting a possible surge to $250,000 by 2025, signifying a 266% increase from its March levels. The company’s positive outlook reflects a broader belief in Bitcoin’s long-term dominance in the financial markets.