Standard Chartered Analyst Forecasts Bitcoin Peak at $73,700 in Bold Prediction

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In a stunning announcement, top analysts from the global multinational banking firm, Standard Chartered, have forecasted a bold prospect for Bitcoin. They predict that the leading cryptocurrency could reach an unprecedented zenith with soaring highs above $73,700. This audacious prediction, slightly surpassing prior records, comes coupled with a deeply ambitious timeline.

Leading the optimistic prophecy is Geoff Kendrick, the esteemed Head of EM FX Research, West and Crypto Research at Standard Chartered. In his correspondence with TheBlock, Kendrick detailed his expectation for Bitcoin, the foremost digital currency globally. According to him, Bitcoin is situated on the precipice of vaulting beyond its previous highest watermark. Kendrick predicts this considerable upsurge to approximately $73,798 by March 14, 2024.

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What makes Kendrick’s projection standout is his ambitious timeline, suggesting the virtual currency is on the verge of reaching new highs within the weekend. Kendrick traces the anticipation of this potential surge to the influx observed in Spot Bitcoin ETFs recently.

Farside Investors’ data, released in May 21, pointed to a record-breaking week for Spot Bitcoin ETFs with their strongest inflows in the past two months. Digitally, Bitcoin witnessed an influx of over $305.7 million, with BlackRock’s Bitcoin Trust ETF(IBIT) yielding the largest inflow at an impressive $290 million.

From its inauguration on January 11 to the present day, Spot Bitcoin ETFs have amassed inflows exceeding an astonishing $13 billion. This multiplying demand and capital influx has spurred previous Bitcoin rises to all-time highs, and may again ignite future escalations for the digital asset.

Kendrick further unveiled that the prospective approval of Ethereum Spot ETFs by the United States Securities and Exchange Commission (SEC) could drastically influence Bitcoin’s price movements. Re-emphasizing his previous predictions, Kendrick anticipates a rise in the value of Bitcoin to an astounding $150,000 by the end of 2024, and a phenomenal increase to $200,000 in 2025.

As of this writing, Bitcoin is changing hands at $70,013, reflecting a marginal decrease of 1.39% in the past 24 hours, as per CoinMarketCap. The preeminent crypto-asset has been demonstrating a continual bullish trend over the week, with steady price surges that have led to a sharp increase of 12.86%.

Michael van de Poppe, a renowned crypto-analyst, has noted that Bitcoin has grown more than 20% from its initial lows of $56,000 earlier this year. If the Ethereum Spot ETF is approved, the value of Bitcoin could rise even further, based on historical trends. Typically, a SEC sanction of Spot Bitcoin ETFs has catalysed a serious price upturn for the digital currency.

These bullish sentiments are echoed by crypto analyst Ali Martinez. Martinez firmly maintains that Bitcoin is currently exuding substantial potential for additional gains, underlining the robust price potential and decisive strong fundamentals of the preeminent digital currency.