As a researcher, I find Geoffrey Kendrick’s prediction of Bitcoin reaching $100,000 by November, and eventually $150,000 by year-end, intriguing. His analysis is based on several factors, including the political climate and recent regulatory decisions, which could significantly impact BTC‘s price trajectory.
As a crypto investor, I’m closely following the predictions made by Geoffrey Kendrick, the head of forex and digital assets research at Standard Chartered. According to him, Bitcoin‘s price could reach an astounding $100,000 prior to the US presidential elections in November. In an email to The Block, Kendrick explained his rationale for this forecast and provided a more comprehensive perspective on Bitcoin’s price trend.
If This Happens, Bitcoin Could Surge To $100,000 By November
Approaching the US election, I anticipate that the market will reach $100,000 by the time of the election, and then surge past $150,000 by year-end if Trump wins. The current political climate and recent regulatory decisions have influenced my expectations. For instance, the Biden administration showed pragmatism in approving spot Bitcoin ETFs. However, their decision to veto efforts to repeal SAB 121 indicates a less favorable stance compared to Trump’s more market-friendly approach.
Kendrick highlighted the significance of upcoming US Non-Farm Payrolls data on Bitcoins’s pricing. He pointed out that positive data could lead to a new record high being hit this weekend, potentially paving the way for a price tag of $80,000 by June’s end. “I believe a fresh record high for Bitcoin’s price will be achieved over the weekend if the data turns out to be favorable,” he stated.
As a researcher, I’ve consistently held firm to my long-term price projections for Bitcoin. By year-end 2021, I anticipate BTC reaching a price of $150,000, and by the end of 2025, it could potentially hit $200,000. It’s important to note that if Bitcoin achieves a price of $150,000 by the end of next year, its market capitalization would surpass the $3 trillion mark, joining the elite companies like NVDIA, which reached this milestone recently.
Approximately two months ago, Standard Chartered published a research report expressing optimism towards Bitcoin and Ethereum‘s future prices. The bank’s analysts forecasted that Bitcoin could climb up to $150,000 by the end of 2024 and beyond, while Ethereum was predicted to reach $8,000 during the same period. These estimates were strengthened due to the introduction of Bitcoin spot ETFs in the US market, which have experienced significant investments.
Kendrick and Suki Cooper noted that the majority of recent investments into Bitcoin spot Exchange-Traded Funds (ETFs) have been swift and substantial. These inflows are believed to primarily originate from pension funds, indicating a growing trend towards stable and long-term Bitcoin investment.
According to Standard Chartered’s optimistic outlook on Bitcoin, the cryptocurrency could be valued at $200,000 based on three key analyses. The first of these draws comparisons to the surge in gold prices following the launch of US gold Exchange-Traded Funds (ETFs). Consequently, Bitcoin’s potential price increase is estimated to be around 4.3 times its initial value before the introduction of similar Bitcoin ETFs.
As a researcher investigating potential investment opportunities, I’ve discovered an intriguing portfolio composition: 80% gold and 20% Bitcoin. Based on current gold prices, this allocation implies a Bitcoin price point of approximately $190,000. Furthermore, by examining the correlation between Exchange-Traded Fund (ETF) inflows and Bitcoin price movements, I’ve projected a possible Bitcoin level of around $250,000 if total ETF inflows reach the midpoint estimate of $75 billion.
As an analyst, I’d interpret the bank’s findings as follows: Based on the current trends, the estimated price of Bitcoin (BTC) at the end of 2025 could be around $200,000. This level might serve as a new benchmark for a sideways trading range in the future. However, if the inflows into Bitcoin ETFs persist and/or if reserve managers increasingly adopt BTC as part of their portfolios, we could witness a price surge above $250,000 at some point during that year.
At press time, BTC traded at $71,183.
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2024-06-06 20:12