Key Points
- An executive at Standard Chartered predicts Bitcoin’s (BTC) value could reach $150K by the end of 2024.
- Bitcoin’s recovery remains steady, maintaining a price range between $60K and $71K.
Standard Chartered’s head of digital assets research, Geoff Kendrick, anticipates a significant increase in Bitcoin’s value by the end of 2024. Bitcoin’s recovery has so far been consistent, having regained the $66K mark, which is approximately 11% short of its all-time high of $73.7K recorded in mid-March.
Despite the ongoing consolidation, the long-term bullish sentiment for Bitcoin remains unaffected.
Potential Catalysts for Bitcoin
When asked about potential catalysts for Bitcoin’s price for the remainder of the year, Nico Cordeiro, CIO of digital asset hedge fund Strix Leviathan, pointed to the macro environment. Cordeiro believes the current trajectory of the Federal Reserve to lower rates, despite high inflation and record levels of fiscal spending, creates a positive setup for risk assets, including technology and cryptocurrencies.
BitMEX founder Arthur Hayes also expects the pace of quantitative tightening (QT), done through Fed rate hikes, to slow down starting in May.
Bitcoin ETF Flow Maturity
Kendrick sees the maturity of spot Bitcoin ETF flow as a major catalyst for Bitcoin’s price in the future. He expects an inflow of $50B to $100B from the start of the year until the US ETF market matures, which could take 18-24 months.
He also compared the maturity of gold ETF with Bitcoin’s, suggesting that if Bitcoin follows a similar pattern, its price could reach the $150K – $200K range.
Furthermore, Kendrick projected that institutional investors’ allocation could shift to 80% gold and 20% Bitcoin. However, for this to happen, Bitcoin needs to break above its current price range.
According to market cycle analyst Rekt Capital, extended consolidation between $60K and $70K could lead to a bull market peak in Q3 2025. If this happens, the current Bitcoin price range extension could last for quite some time before Kendrick’s end-year targets become feasible.
