At Extreme Investor Network, we are always on the lookout for the latest insights and trends in the world of finance. Today, we’re excited to share some exclusive information from Standard Chartered’s top crypto analyst, Geoffrey Kendrick, regarding the future of Bitcoin and Ether.
According to Kendrick, Bitcoin is poised for more price gains later this year, despite a recent dip in prices. In fact, he predicts that Bitcoin could hit $150,000 per coin, while Ether could reach $8,000 by the end of 2024. This bullish prediction is based on Kendrick’s belief that the negative factors impacting the cryptocurrency market have already been priced in, and that positive structural drivers will soon take over.
One key factor supporting Kendrick’s optimistic outlook is the recent liquidation of speculative Bitcoin trades, which removed $261 million of leveraged long positions from BTC futures in response to geopolitical tensions. This clean-up of market positioning, along with the supply shock from Bitcoin’s halving and the introduction of new Bitcoin exchange-traded funds, is expected to drive prices higher in the coming months.
Despite facing challenges such as stalling ETF inflows in the US and regulatory hurdles, Kendrick remains confident in Bitcoin’s long-term potential. As tensions in the Middle East ease and market positioning improves, he believes it is time to consider re-engaging in medium-term long positions in Bitcoin.
Stay tuned to Extreme Investor Network for more exclusive insights and expert analysis on the ever-evolving world of finance. Join us as we navigate the complexities of the financial markets and uncover opportunities for growth and success.
