Bitcoin Price Could Still Hit $150,000 Despite Recent Negative Headwinds
If youโre a crypto enthusiast, you might be concerned about recent negative developments affecting the price of Bitcoin. Despite ongoing wars, rising Treasury yields, and slow cash flow into Bitcoin ETFs, there is still hope that the leading digital asset could reach $150,000 per coin by the end of this year, according to Standard Chartered.
Room for Growth
Standard Chartered released a report stating that despite the challenges, Bitcoin has the potential to continue its upward trajectory. Geoff Kendrick, the lead author of the report and a digital assets researcher, remains optimistic about Bitcoinโs future performance.
- The initial wave of ETF buying may have paused due to various macro reasons.
- ETF inclusion in broader macro funds could drive the next wave of price growth for Bitcoin.
- Standard Chartered reiterates its end-2024 target levels of $150,000 for Bitcoin and $8,000 for Ethereum.
Previous Predictions and Forecasts
Standard Chartered had previously forecasted that Bitcoin would hit $150,000 per coin this year and also predicted a significant surge for Ethereum in the coming years. Despite recent challenges, the bank remains confident in the long-term potential of these digital assets.
- Bitcoinโs price has seen fluctuations but has remained resilient in the face of adversities.
- ETF flows have slowed down due to higher Treasury yields and geopolitical tensions.
- Approval of Bitcoin ETFs by the SEC has contributed to the price rise of Bitcoin in 2023.
Hot Take: Bitcoinโs Resilience and Future Growth Prospect
Despite recent setbacks, Bitcoin continues to exhibit resilience and potential for significant growth in the future. With ongoing market developments and increasing institutional adoption, the price of Bitcoin could still reach new heights. Stay informed and prepared for potential market movements as the crypto landscape evolves.
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