Bitcoin (BTC) is still on course to hit the ambitious $150,000 mark by the end of this year, driven by significant inflows into spot BTC exchange-traded funds (ETFs).
Geoffrey Kendrick, head of forex and digital assets research at Standard Chartered, reaffirmed his predictions in a note shared with CoinDesk on Thursday. He stated, "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."
Kendrick added, "As we approach the U.S. election, I expect $100K to be reached and then $150K by year-end in the case of a Trump victory." As of Thursday, crypto traders on Polymarket were betting 56% odds of Trump being in office, compared to 36% for incumbent Joe Biden.
Sentiment for bitcoin and the broader crypto market has improved since May, thanks to the approval of ether (ETH) ETFs and support for the industry among U.S. political parties.
ETFs saw over $15 billion in net inflows on Tuesday, marking a positive shift among bitcoin traders. This uptick followed a challenging period from mid-April to early May, during which there were some days with zero net inflows and even outflows from major ETFs like BlackRock’s IBIT.
Spot bitcoin ETFs experienced over $880 million in inflows on Tuesday, led by Fidelity’s FBTC, making it the best day of inflows since March and the second-highest overall.
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