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StanChart forecasts new all-time high based on positive payroll figures, upholds $150,000 per token projection.
Bitcoin is on track to achieve a new all-time high this weekend if the forthcoming payroll data on June 7 proves to be positive, as stated by Geoffrey Kendrick, head of crypto research at Standard Chartered.
Kendrick noted:
“If tomorrow’s payroll data is favorable, I expect a new all-time high over the weekend, potentially setting the stage for Bitcoin to reach $80,000 by the end of June.”
The leading cryptocurrency was trading slightly above $71,000 at the time of reporting.
$150k BTC on Trump victory
Kendrick also reiterated earlier forecasts, expressing a bullish perspective on Bitcoin’s value, predicting it will hit $150,000 by the end of 2024 and $200,000 by the conclusion of 2025.
A price of $150,000 would elevate Bitcoin’s market capitalization to $3 trillion, a benchmark recently achieved by Nvidia.
Looking towards the US election, Kendrick views it as a crucial factor influencing Bitcoin prices.
The Biden administration has exhibited a mixed approach, approving Ethereum ETFs while rejecting attempts to repeal SAB 121, reflecting a pragmatic yet cautious stance. Conversely, former President Donald Trump is seen as more supportive of cryptocurrency.
Kendrick remarked:
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“As we near the US election, I anticipate Bitcoin reaching $100,000, with the possibility of rising to $150,000 by year-end if Trump wins.”
He emphasized that investors should hold their positions in Bitcoin in light of these favorable trends and market conditions.
ETF inflows surge
This outlook comes amid a significant increase in net inflows into US spot Bitcoin ETFs, which have now exceeded $15 billion.
The recent inflows represent 17 consecutive trading days of positive activity, with Tuesday alone witnessing $887 million in new investments, marking the second-highest single-day inflow on record.
This trend commenced in mid-May, following the release of 13F filings that showcased strong and varied holdings in Bitcoin ETFs for the first quarter. BlackRock’s iShares Bitcoin Trust (IBIT) reported 414 holders, including major banks, hedge funds, and state pension funds.
Kendrick stated:
“The widespread institutional involvement is a significant endorsement of Bitcoin ETFs and indicates that these inflows are likely to continue.”
In addition to Bitcoin, the approval of Ethereum ETFs has enhanced confidence in the cryptocurrency market. Kendrick’s January forecasts suggested that spot ETFs could contribute between 437,000 and 1.32 million net new bitcoins in 2024.
Five months into the year, the actual inflows are aligning with these estimates.
The post StanChart predicts new ATH on favorable payroll data, maintains $150k per token outlook appeared first on CryptoSlate.
