Markets
Bitcoin (BTC) prices could reach $150,000 by end of 2024 on hopes of Donald Trump’s re-election: Standard Chartered
Bitcoin (BTC) remains on track to reach the ambitious $150,000 level by the end of this year, as BTC spot exchange-traded funds (ETFs) continue to see significant inflows.
“I’m sticking to my predictions of $150,000 by the end of 2024 and $200,000 by the end of 2025 for BTC,” Geoffrey Kendrick, head of forex and digital assets research at Standard Chartered, said in a statement. note shared Thursday with CoinDesk. “By then, if tomorrow’s wage data is favorable, I would expect a new all-time high to be reached over the weekend.”
“As the US election approaches, I expect $100,000 to be reached and then $150,000 by the end of the year if Trump wins,” Kendrick added. Crypto traders on Thursday on Polymarket Betting that Trump has a 56% chance of being in office, compared to 36% for incumbent President Joe Biden.
Sentiment towards bitcoin and the broader crypto market has increased since May due to the approval of the listing of ether (ETH) ETFs and support for the industry among US political parties.
ETFs crossed $15 billion in net inflows on Tuesday for the first time since going live in January, boosting sentiment among Bitcoin traders. Inflow activity has picked up recently after a dismal few weeks between mid-April and early May, a period that saw zero net inflows on some days and even outflows from major ETFs such as IBIT BlackRock.
Spot Bitcoin ETFs saw more than $880 million in inflows on Tuesday, led by Fidelity’s FBTC. It was the best influx day since March and the second highest overall.