Cryptocurrency Analyst Predicts Bitcoin At $150K, Ether At $8K By 2024 Last Quarter

Standard Chartered estimates that by the end of 2024, Bitcoin will reach $150,000 and Ether $8,000 per coin, despite recent market downturns.

TakeAWay Points:

  • By the end of 2024, Standard Chartered projects that Bitcoin will reach $150,000 and Ether $8,000, citing previously priced-in negative news.
  • Despite geopolitical concerns, the recent $261 million BTC futures liquidation is considered a market clean-up that is paving the way for future gains.
  • Notwithstanding obstacles like SEC lawsuits and stagnant US ETF inflows, factors like the halving of Bitcoin and maybe new ETFs are anticipated to sustain price gains.

Optimistic Forecasts In the midst of Market Volatility

Standard Chartered’s chief cryptocurrency analyst, Geoffrey Kendrick, has made a bold forecast: by the end of 2024, despite recent market dips, he believes both Ether and Bitcoin will have had substantial price increases.

The head of research for digital assets and foreign exchange, Kendrick, predicts that Ether will hit $8,000 and Bitcoin will hit $15,000. Despite a recent decline in prices brought on by market liquidations and geopolitical concerns, this bullish perspective remains.

 According to Kendrick’s research, the market has already taken in the negative news, paving the way for a recovery powered by advantageous structural elements.

Geoffrey Kendrick views; “We think the bad news is already priced in for BTC and ETH, and that positive structural drivers will take over again as negative drivers fade… In addition, market positioning is now much cleaner than it was; USD 261 million of leveraged long positions were removed from BTC futures alone on April 13—the largest daily liquidation since at least October 2023—in response to Iran’s attack on Israel that day.” “Yes, BTC ETF inflows in the US have stalled, but now that we have passed the halving, only half as much inflow is needed to cover net new supply, and the global ETF backdrop (UK, HK) is improving. Also, large, long liquidations over the past couple of weeks mean that market positioning is a lot cleaner… As a result, with Middle East tensions easing, I think it is time to re-engage in medium-term longs.”

Market Clarification and ETF Advancements

Kendrick’s positive outlook heavily relies on the recent “clean-up” of market positioning. The biggest daily liquidation of leveraged long bets in Bitcoin futures since at least October 2023 occurred when Iran attacked Israel on April 13, 2023, with a total of $261 million. 

This development, along with the 50% reduction in the rate at which Bitcoin is issued, has greatly eased the market’s supply pressure. New Bitcoin ETFs are another point of emphasis for Kendrick. 

Challenges and Possibilities Up Front

According to the report, Standard Chartered is bullish about the future of digital assets in spite of a number of obstacles, such as geopolitical tensions, regulatory moves against DeFi platforms, and rising U.S. Treasury yields. 

The intricate landscape within which cryptocurrencies function is highlighted by the bank’s updated projections for Ether ETF approvals as well as the wider influence of macroeconomic factors.

Nevertheless, Kendrick thinks there is a chance to get back into medium-term long positions given the improvement in the global ETF picture and the easing of Middle East pressures.

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