- Crypto analyst predicts Bitcoin could reach $150,000 by year-end.
- Increased Bitcoin ETF investments and potential US election results fuel optimism.
- Positive market sentiment has grown since May, driven by Ether ETF approvals.
Crypto analyst, CryptoBusy, on X predicts Bitcoin could reach $150,000 by the end of the year, citing large investments in spot Bitcoin ETFs and potential political shifts in the United States as key drivers.
Geoffrey Kendrick, head of forex and digital assets research at Standard Chartered, reiterated his optimistic forecasts stating:
“I am sticking with my end-2024 $150K and end-2025 $200K forecasts for BTC. Before then, if tomorrow’s payrolls data are friendly, I would expect a fresh all-time high to be reached over the weekend.”
According to Kendrick, Bitcoin might hit $100K if Trump wins the election and could even hit $150K by the end of the year as the U.S. election draws near. Betting odds on Polymarket show that Donald Trump has a 56% chance of becoming president, while Joe Biden’s chances are 36%.
Sentiment towards Bitcoin and the wider crypto market has improved noticeably since May. This change is credited to the approval of Ether (ETH) ETFs and increasing support for the cryptocurrency industry from U.S. political parties.
On Tuesday, ETFs saw over $15 billion in net inflows, marking a positive shift among Bitcoin traders. This increase followed a challenging period from mid-April to early May, during which major ETFs, including BlackRock’s IBIT, experienced days with zero net inflows and even outflows.
Spot Bitcoin ETFs experienced over $880 million in inflows on Tuesday, led by Fidelity’s FBTC. This marked the best day of inflows since March and the second-highest overall. Currently, the price of Bitcoin (BTC) stands at $65,444.49, with a trading volume of $37,265,526,238.32 over the last 24 hours. It has decreased by 0.98% in the past day and by 3.70% over the past week.
Bitcoin’s recent performance mirrors the overall market mood. With the U.S. election nearing, the connection between political changes and financial markets grows more crucial. Kendrick’s forecasts highlight the possibility of price shifts influenced by political events and economic updates.
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