Tag Archives: Standard Chartered

Bitcoin

Standard Chartered Analyst Says Bitcoin Is Set For A New ATH Above $73,700, You Won’t Believe The Timeline

Analysts from main worldwide cross-border financial institution, Commonplace Chartered have made a daring prediction that Bitcoin may witness a major rise to new all-time highs above $73,700. This projection, barely increased than the cryptocurrency’s earlier peak, comes with an surprising and wholly formidable timeline. 

Bitcoin Poised To Attain New All-Time Highs

Geoff Kendrick, Head of EM FX Analysis, West and Crypto Analysis, Commonplace Chartered, has made a bullish prediction for Bitcoin, the world’s largest cryptocurrency. In an e-mail to TheBlock, Kendrick said that Bitcoin is poised to interrupt out of its earlier all-time excessive on March 14, 2024, to witness an enormous surge to roughly $73,798. 

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The analyst has projected a quite grandiose timeline for this bullish rally, anticipating Bitcoin to hit the forecasted value goal by the weekend. Kendrick attributed this potential value improve to the current inflows into Spot Bitcoin ETFs. 

Earlier on Could 21, knowledge from Farside traders indicated that Spot Bitcoin ETFs had recorded their greatest influx week within the final two months. The digital asset noticed over $305.7 million in inflows, with BlackRock’s Bitcoin Belief ETF (IBIT), amassing the biggest inflows of $290 million. 

Cumulatively, Spot Bitcoin ETFs have recorded inflows of greater than $13 billion from its launch on January 11 to the current. This elevated demand and inflow of capital which had been a serious contributor to Bitcoin’s earlier rise to a brand new all-time excessive in March, may propel contemporary surges for the cryptocurrency. 

Kendrick has additionally disclosed that the doable approval of Ethereum Spot ETFs by the USA Securities and Change Fee (SEC) may have a major influence on Bitcoin’s value dynamics. The analyst has doubled down on his earlier value prediction which anticipates Bitcoin’s rise to $150,000 by the top of 2024 and a whopping $200,000 improve in 2025.

BTC Worth Evaluation

As of writing, the value of Bitcoin is buying and selling at $70,013, reflecting a slight decline of 1.39% within the final 24 hours, in accordance with CoinMarketCap. The cryptocurrency has been on a regular bullish momentum over the previous week, experiencing constant value surges, which have led to a pointy improve of 12.86%. 

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Common crypto analyst, Michael van de Poppe has reported that Bitcoin is up greater than 20% since its earlier lows of $56,000 earlier this 12 months. The approval of an Ethereum Spot ETF may see the cryptocurrency’s value doubtlessly rising extra, following earlier patterns when the SEC’s approval of Spot Bitcoin ETFs triggered a serious value spike for the pioneer cryptocurrency. 

This sentiment for a bullish breakout is shared by crypto analyst Ali Martinez, who has asserted that Bitcoin is at present exhibiting a powerful potential for additional positive factors, underscoring the cryptocurrency’s sturdy value potential and sturdy fundamentals. 

Bitcoin price chart from Tradingview.com
BTC value dips from $70,000 | Supply: BTCUSD on Tradingview.com

Featured picture created with Dall.E, chart from Tradingview.com

Bitcoin

Bitcoin Price Can Still Drop To $50,000

Main worldwide cross border financial institution, Commonplace Chartered has predicted steep value declines for Bitcoin, foreseeing a pessimistic future outlook for the pioneer cryptocurrency amidst broader market downturn.

Bitcoin Might Plummet To $50,000

As of writing the value of Bitcoin is buying and selling above $59,000, in line with CoinMarketCap. The cryptocurrency has been experiencing huge value drops after the Bitcoin halving on April 20, 2024, additional exacerbated by the Federal Reserve’s (FED) resolution to maintain rates of interest unchanged in the course of the Federal Open Market Committee (FOMC) assembly On Wednesday, Could 1.

Commonplace Chartered financial institution has cautioned traders of extra value drops sooner or later, predicting that Bitcoin’s value might settle between $50,000 and $52,000, recording greater than $20,000 loss from it’s all time excessive of over $73,000 in March, 2024. This new forecast follows the financial institution’s earlier projection which anticipated Bitcoin rise to $150,000 by the tip of 2024.

The pinnacle of Commonplace Chatered’s foreign exchange and digital property analysis, Geoffery Kendrick revealed a mix of things that might drive Bitcoin’s decline in a press release to The Block on Wednesday. Kendrick highlighted broader macroeconomic influences and crypto-specific elements impacting the value of Bitcoin, significantly challenges just like the discount of liquidity measures inside the USA since mid-April.

“Liquidity issues when it issues, however with a backdrop of sturdy US inflation knowledge and fewer chance of Fed fee cuts, it issues for the time being,” Kendrick acknowledged.

Commonplace Chartered additionally cited the collection of huge outflows witnessed by Spot Bitcoin ETfs within the US, in addition to the lackluster efficiency of Ethereum Spot ETFs in Hong Kong, China. 

On Could 1, roughly 10 US Spot Bitcoin ETFs recorded staggering outflows, collectively totaling $563.7 million. Kendrick additionally disclosed that “greater than half of the Spot ETF positions are underwater.” He means that the danger of liquidity must be thought of, particularly as investor sentiment could also be shifting away from these digital property.

BTC Value Jumps Over $1,000 Amidst Market Downturn

In some unspecified time in the future on Could 2, Bitcoin had witnessed vital value decreases that pushed its worth beneath $58,000. Nevertheless, at the moment the cryptocurrency has recorded greater than 1.56% enhance, spiking by greater than $1,000 in only a day. 

Numerous analysts have predicted extra plunges for the cryptocurrency, anticipating Bitcoin to achieve its backside throughout this bearish interval. Analysts like Ali Martinez and Michael van de Poppe anticipate a number of extra value corrections earlier than the broader market settles, paving the best way for Bitcoin to organize for a possible bullish rebound.

Bitcoin price chart from Tradingview.com

BTC value jumps above $60,000 | Supply: BTCUSD on Tradingview.com

Featured picture from MarketWatch, chart from Tradingview.com

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