Bitcoin To More Than Double In Value To $150K By Year-End, Says Standard Chartered Analyst: 'We Can Push Higher Again'
Portfolio Pulse from Benzinga Neuro
Standard Chartered analyst Geoff Kendrick forecasts Bitcoin (BTC) to more than double its value to $150,000 by the end of 2024, a 127% increase from current levels. Despite a recent 11% slide, inflows into Bitcoin ETFs and a recent halving event could drive prices higher. Kendrick anticipates investor funds could reach $50 billion to $100 billion in the next two years. Other analysts offer mixed views on Bitcoin's future, with some seeing potential gains and others cautioning against it as a risk asset.
April 23, 2024 | 4:59 am
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Bitcoin is forecasted to more than double to $150,000 by the end of 2024 according to Standard Chartered analyst Geoff Kendrick, despite a recent pullback.
The prediction of a significant increase in Bitcoin's value is based on the anticipation of increased inflows into Bitcoin ETFs and the historical price surge following halving events. Despite recent price slides, the analyst's bullish outlook suggests a strong potential for growth, influencing investor sentiment positively.
CONFIDENCE 80
IMPORTANCE 95
RELEVANCE 100
NEUTRAL IMPACT
Ethereum (ETH) is also mentioned with its current trading price and year-to-date performance, alongside Bitcoin's forecasted growth.
Ethereum is mentioned in the context of its current market performance relative to Bitcoin. While the article focuses on Bitcoin's potential growth, Ethereum's mention alongside Bitcoin's bullish forecast could indirectly influence investor sentiment towards ETH, although its impact is less direct and more speculative.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 50