Markets
Bitcoin on track to hit new all-time high over the weekend, says Standard Chartered analyst
May 21, 2024 11:40 pm | 2 minutes reading
Bitcoin (CRYPTO: Bitcoin) is expected to hit a new all-time high over the weekend, according to a prominent analyst at Standard Chartered Bank.
What happened: Geoff Kendrickhead of foreign exchange research and digital asset research at Standard Chartered, predicted that Bitcoin could reach a new all-time high over the weekend, surpassing the $73,798 level reached on March 14. reported The block.
“I would expect a new all-time high in bitcoin by the weekend, up to the $73,798 level from March 14,” Kendrick said.
Kendrick also tied the possible approval of spot ether ETFs to Bitcoin’s performance, stating that this would further legitimize the cryptocurrency sector. He expressed confidence in his Bitcoin price targets of $150,000 by the end of 2024 and $200,000 by the end of 2025.
In recent days, there has been a surge in inflows into spot Bitcoin ETFs, reaching a new all-time high of $12.9 billion, Kendrick noted.
Why does this matter: This rise in cryptocurrencies follows the Request for SEC Updates for 19b-4 filings for spot Ethereum (CRYPTO: ETH) ETFs on Monday, indicating potential progress toward approval. Analysts suggested that the chances of the SEC approving such a product increased from 25% to 75%.
How other cryptocurrencies are faring: The cryptocurrency market has seen a rise in meme coins, with Pepe and Floki leading the rallyoutperforming other cryptocurrencies.
Meanwhile, Ethereum and Dogecoin (CRYPTO: DOGE) continued their rally as Ethereum futures peaked at a higher point of $15.1 billion, driven by speculation of an imminent approval of the Ethereum ETF in cash.
Price Action: Bitcoin is currently trading at $70,042, down 0.14% in the last 24 hours. However, the cryptocurrency is up 58.57% year-to-date, according to the data by Benzinga Pro.
Read next: Crypto Market Soars as SEC Reportedly Moves Forward with Ether ETF Lawsuit
Image via Shutterstock
Designed by Benzinga NeuroEdited by Kaustubh Bagalkote
The GPT-4-based Benzinga Neuro content generation system taps into the extensive Benzinga ecosystem, including native data, APIs, and more to create comprehensive, timely stories for you. To know more.
SIGN UP TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you’ll also receive Benzinga’s latest morning update AND a free $30 gift card and more!
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.