Standard Chartered Forecasts Bitcoin to Hit $150K After 2024 Halving

Top financial analyst and head of digital assets research at Standard Chartered Bank Geoff Kendrick shared a bullish assertion on Bitcoin. Kendrick projected that Bitcoin would explode after this, halving to $150,000.

That's an increase of more than 130% from its current price of $63,880. But can this bullish prediction materialize?

Bitcoin Set to Surge Amid Lower Leverage, SC Analyst Says

Speaking in a Bloomberg interview a few days ago, Kendrick pointed out an essential factor that could influence Bitcoin's price trajectory.

The analyst said Bitcoin would likely soar higher due to reduced leverage positions in the crypto market. He added that these lower leveraged positions could propel Bitcoin's price to $150,000 by the end of 2024

Recall that the crypto market witnessed increased activity the week before the Bitcoin halving weekend. The market saw massive longs and shorts liquidations, the highest in nearly six months, as tension in the Middle East intensified. Several investors lost money as BTC dropped from $70,900 to below 60,000 on April 13 because of the Iran/Israel conflict.

According to Kendrick, many traders were forced to close their positions due to the liquidation. The analysis added that this cleared the path for the crypto market to soar and could surpass the current position.

He noted that many leveraged positions existed before the halving, which means people were borrowing a lot of money to invest. Now that those positions are closed, the market could bounce back and reach new highs. On this basis, Kendrick believes Bitcoin will soar higher by the end of the year.

SC Analyst Backs His Claims with Positive Catalysts

Digital assets expert Geoff Kendrick highlighted two potential factors that could further drive Bitcoin's upward trajectory.

First, he mentions the inflow of funds into spot Bitcoin exchange-traded funds (ETFs). Even though the inflows have slowed, Kendrick expects a big boost of $50 to $100 billion in the next 18 to 24 months as the market grows.

In addition, Kendrick forecasts substantial growth by comparing Gold and Bitcoin ETFs. He estimated a 4.3x increase in the Bitcoin ETF market.

This growth, fueled by continuous inflows, is expected to drive substantial growth. As a result, Bitcoin's price could reach $150,000 by the end of 2024 and even $200,000 by 2025.

Moreover, Standard Chartered analysts suggest that Bitcoin's price could surge even higher to $250,000 by 2025 if Bitcoin ETF inflows reach an average estimate of $75 billion.

Considering the factors from Kendrick, Bitcoin is poised for significant growth in the coming weeks. However, in the past seven days, Bitcoin is still gaining, up by more than 4%. CoinMarketCap's24-hour trading volume has increased by over 32%, above $31 billion.

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