Geoffrey Kendrick, head of cryptocurrency research at Standard Chartered Bank, is optimistic about the future trend of Bitcoin.
He predicted that if the employment data released on June 7 performs well, Bitcoin could hit a new all-time high this weekend and could potentially reach $80,000 by the end of June.
Kendrick's prediction is based on the current market situation where the price of Bitcoin is just over $71,000.
Political factors affecting Bitcoin
Kendrick also mentioned that the US election could be a key factor affecting the price of Bitcoin. He believes that if Trump wins the election, the price of Bitcoin could reach $150,000 by the end of the year.
He also pointed out that the Biden administration’s attitude towards cryptocurrencies is relatively complicated. It has approved the Ethereum ETF while being cautious about the repeal of SAB 121.
In contrast, Trump is considered more friendly to cryptocurrencies.
Bitcoin ETF Inflows
Kendrick’s prediction also takes into account significant growth in Bitcoin ETF inflows. At present, the net inflow of Bitcoin ETF has exceeded 15 billion US dollars, showing positive growth for 17 consecutive trading days, of which the single-day inflow on Tuesday reached 887 million US dollars, the second highest in history. $BTC
The trend began in mid-May, when 13F filings showed strong and diversified holdings for bitcoin ETFs in the first quarter. BlackRock’s iShares Bitcoin Trust (IBIT) reported 414 holders, including major banks, hedge funds and state pension funds.
Positive Impact of Ethereum ETF
In addition to the Bitcoin ETF, the approval of the Ethereum ETF has also boosted market confidence in cryptocurrencies. Kendrick estimated in his January forecast that spot ETFs could bring 437,000 to 1.32 million new Bitcoin net positions to the market in 2024. Currently, actual inflows in the first five months of this year are consistent with these forecasts, showing strong market demand for cryptocurrencies. $ETH
Advice to investors
Kendrick advises investors to remain invested in Bitcoin in the current market trends and conditions. He believes that broad institutional participation is an important validation for Bitcoin ETFs and indicates that capital inflows will continue.
As the Bitcoin market develops and cryptocurrency ETFs gain popularity, investors are expected to benefit from this emerging asset class. #渣打银行 #比特币 #就业数据 #价格
Conclusion:
Standard Chartered’s firm forecast and continued optimism about Bitcoin, combined with positive developments in global economic indicators, bode well for a new wave of growth in the cryptocurrency market.
As investor interest in Bitcoin continues to grow and institutional capital flows in, Bitcoin's potential as an emerging asset class becomes increasingly apparent.
Driven by global economic and political events, the Bitcoin market is demonstrating its unique vitality and resilience, providing new opportunities for investors.
