Bittime - Geoff Kendrick, head of foreign exchange and digital assets research at Standard Chartered Bank, predicts Bitcoin prices will reach a new all-time high this weekend, surpassing the $73,798 level reached on March 14.
Bitcoin Price Expectation to Rise
Kendrick explained the factors underlying his bullish prediction. One driving factor is growing optimism around the potential approval of a spot Ethereum ETF this week.
According to Kendrick, the approval of a spot Ethereum ETF will further legitimize the crypto sector as a whole, thereby positively impacting the price of Bitcoin.
Additionally, Kendrick also highlighted increased inflows into spot Bitcoin ETFs in recent days. This total inflow reached a record high of $12.9 billion, indicating strong investor interest in the crypto asset.
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Estimated Bitcoin Price Rise at the End of the Year
Kendrick not only predicts an increase in Bitcoin prices in the near future, but also sets ambitious price targets for the long term. He predicts Bitcoin prices will reach $150,000 by the end of 2024 and $200,000 by the end of 2025.
Capital.com senior analyst, Kyle Rodda, also observed a close correlation between Bitcoin price movements and the performance of the top 100 technology companies on the Nasdaq. The slight increase in the Nasdaq index of 0.06% at the start of trading on Tuesday, May 21 2024, reflects the same situation.
Ethereum Spot ETF Development
Positive sentiment in the crypto market was also fueled by the US SEC's move to request an update to the 19b-4 filing for spot Ethereum ETFs on Monday, May 20, 2024.
The SEC's action comes ahead of this week's spot Ethereum ETF application deadline, and could be an indication of potential approval from the regulator.
Meanwhile, the first round of deadlines for spot Ethereum ETFs is approaching, with filings from VanEck due on May 23 and Ark Invest/21Shares on May 24.
In response to the SEC's request, Bloomberg ETF analysts James Seyffart and Eric Balchunas estimated the odds of SEC approval for such a product increased from 25% to 75%.
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Increase in Bitcoin and Other Crypto Prices
Based on CoinGecko data, the overall market capitalization of crypto has increased by more than 8% in the last 24 hours.
The price of Bitcoin rose more than 3.68% in the last 24 hours and was trading at around $69,940 as of 12:18 ET.
Meanwhile, the GM 30 Index, which represents the top 30 cryptocurrencies, increased by 8.78% to 148.81 in the same period.
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How to Buy Crypto with Bittime
You can buy and sell crypto assets in an easy and safe way through Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also Read:
Bitcoin Price Prediction 2024: Fantastic Until Next Year?
Bitcoin Remains Crypto King: Pompliano Predicts Bitcoin Will Surpass Gold
Why are Bitcoin Prices Almost the Same on Different Cryptocurrency Exchanges?
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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