A bullish environment could continue to boost Bitcoin prices. Despite previous declines, forecasts suggest a revival of the cryptocurrency rally.
Geoff Kendrick, head of digital assets at Standard Chartered, predicts that Bitcoin price could maintain its potential to double this year. The analyst highlighted the opportunities presented by the bullish price environment. In a conversation with “BNN Bloomberg,” Kendrick corroborated his company's prediction, which suggests Bitcoin could rise 127% by the end of the year, in line with a $150,000 price target.
Decline and Potential Reversal
Despite the previous decline in Bitcoin price, affected by falling Bitcoin ETF inflows and rising tensions in the Middle East, experts emphasize the possibility of a trend reversal. An anticipated wave of investment inflows could further strengthen the bullish environment and push Bitcoin prices higher.
Experts estimate that spot Bitcoin trading funds on exchanges have accumulated about $12 billion since their approval in January. This number may continue to increase in the coming years, potentially growing the market to $50 billion to $100 billion as the U.S. crypto ETF market matures.
Uptrend after halving
Another favorable factor for Bitcoin price is the halving, which reduces the reward for Bitcoin miners and thus reduces the number of new Bitcoins in circulation. Historically, this has led to an increase in the price of Bitcoin, with new all-time highs being reached in the 12 months following previous halving events.
Standard Chartered is one of the most bullish Bitcoin forecasters on Wall Street and has recently released long-term forecasts. The company predicts that Bitcoin could reach $250,000 by 2025, a 266% increase from March levels.
