Bullish Analyst Says Bitcoin's Price Could Hit $100K By Year-End
Portfolio Pulse from Ananya Gairola
Bitcoin (BTC) has seen a significant recovery, reaching its highest level in 2024 at approximately $47,565. Standard Chartered analyst Geoff Kendrick predicts Bitcoin could hit $100,000 by the end of 2024, attributing the surge to the approval of Bitcoin spot ETFs by the SEC and changing flow dynamics in the ETF market. Kendrick's optimism is supported by the industry, with predictions of Bitcoin reaching $100,000 based on potential inflows post the spot Bitcoin ETF approval.
February 10, 2024 | 1:43 am
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Bitcoin's price has recovered to $47,565, with predictions of reaching $100,000 by the end of 2024 due to the approval of spot ETFs and strong ETF inflows.
The significant recovery of Bitcoin's price and the optimistic forecast by Standard Chartered's Geoff Kendrick are based on the approval of Bitcoin spot ETFs by the SEC and the observed strong inflows into ETFs. This regulatory development and market response are expected to attract more traditional financial players into the crypto sector, potentially driving Bitcoin's price higher.
CONFIDENCE 80
IMPORTANCE 95
RELEVANCE 100