Standard Chartered says bitcoin expected to hit fresh all-time high by weekend
Quick Take
- The recent optimistic signals regarding spot ether exchange-traded funds come at an opportune moment for bitcoin, with the digital asset’s price expected to hit new record high, an analyst said.
An approval of a spot ether exchange-traded fund (ETF) this week would further legitimize the cryptocurrency sector and therefore be positive for bitcoin as well, an analyst said.
"I would expect a fresh all-time high in bitcoin by the weekend, through the 14 March $73,798 level," Standard Chartered Bank Head of FX Research and Digital Assets Research Geoff Kendrick said in an email sent to The Block.
Bitcoin year-end price target
Kendrick added that the renewed optimism surrounding the potential approval of spot ether ETFs this week gives him more confidence in his price targets for bitcoin of $150,000 by year-end 2024 and $200,000 by year-end 2025.
Kendrick also pointed out that recent days have been much more constructive, with increased inflows into spot bitcoin ETFs, bringing the total to a new all-time high of $12.9 billion.
The Block contacted Kendrick for disclosures on his positions in crypto and he replied to say that Standard Chartered's compliance policy is that its analysts cannot own anything they publish research on.
RELATED INDICES
According to Capital.com Senior Market Analyst Kyle Rodda, bitcoin's price movement is closely linked to the performance of the top 100 tech companies on the Nasdaq, which ticked down slightly by 0.06% in early trading Tuesday.
"Bitcoin 
BTC
+2.24%
's correlation with U.S. tech stocks, as expressed by the rise in the top 100 tech companies listed on the Nasdaq, continues, with both pushing to or towards record highs as markets grow more confident in Fed rate cuts this year. With implied volatility low and sentiment reasonably bullish, Bitcoin remains a gauge of monetary policy expectations and risk appetite," Rodda told The Block.
SEC requests amended to ETF filings
In the past 24 hours the entire cryptocurrency market has rallied, increasing by over 8% in the past 24 hours, according to CoinGecko data.
The rally comes after the SEC requested updates to 19b-4 filings for spot ether ETFs on Monday, ahead of this week's deadlines, indicating potential progress toward approval. The first round of spot ether ETF deadlines is fast approaching, with VanEck's on May 23 and Ark Invest/21Shares' on May 24.
Following the SEC's request, Bloomberg ETF analysts James Seyffart and Eric Balchunas stated that the chances of the SEC approving such a product have increased from 25% to 75%.
Bitcoin's price increased by over 3.68% in the past 24 hours and was changing hands for $69,940 at 12:18 p.m. ET, according to The Block’s Price Page. The GM 30 Index, representing a selection of the top 30 cryptocurrencies, increased by 8.78% to 148.81 in the same period.
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