Despite a temporary downturn in the Bitcoin price, confidence in the cryptocurrency remains high. A recent example of this is the significant increase in the price forecast by analyst Geoff Kendrick of Standard Chartered. According to a study recently published, Kendrick has raised his target for the Bitcoin price by a whopping 50 percent until the end of the year. Instead of the previous forecast of $100,000, he now believes that Bitcoin could rise to $150,000 by the end of the year.
The reasons for Kendrick's optimistic assessment are manifold. In particular, he points to the success of Bitcoin spot ETFs in the United States, which were first approved for trading by the SEC in January. These new financial products have attracted significant funds in a short period of time and even compensated for the outflows from the Grayscale Bitcoin Trust (GBTC).
Furthermore, the inflows into the spot ETFs have had a faster impact on the Bitcoin price than expected. Kendrick compares Bitcoin's behavior after the approval of the first physical gold ETFs in the United States to that of gold, which also makes him optimistic in the long run.
The study also sees further potential for Bitcoin beyond 2025. Kendrick believes that prices of up to $200,000 are possible, with Bitcoin even potentially ""overshooting"" to $250,000. According to Kendrick, the chances for this are good if the inflows into the Bitcoin ETFs maintain their high pace and reach his mid-estimate of $75 billion.
Despite these optimistic forecasts, Bitcoin has experienced a decline at the beginning of this week. After a previous record high, the cryptocurrency is trading around $67,350, around 1.5 percent lower over a 24-hour period, thus entering a consolidation phase for the time being.
