Standard Chartered Bank analyst and Matrixport both believe that Bitcoin will reach a new all-time high in the next few days, benefiting from the dramatic reversal brought about by the approval of the Ethereum spot ETF, which was previously not expected.
Standard Chartered Bank’s Head of Foreign Exchange Research and Digital Assets Research, Geoff Kendrick, told The Block that he expects Bitcoin to reach a new all-time high over the weekend, surpassing the $73,798 level on March 14.
He believes that the increased probability of the approval of the Ethereum spot ETF is a positive factor for the market, which gives him more confidence in the target prices of $150,000 by the end of the year and $200,000 by the end of 2025 for Bitcoin.
Geoff Kendrick also mentioned that Bitcoin’s recent trend is more constructive, including the total inflow of Bitcoin ETF funds reaching $12.9 billion (a new all-time high).
Matrixport, on the other hand, emphasizes their previous viewpoint of the “return of the Bitcoin bull market” on May 17, and they also believe that Bitcoin may reach its historical high of $73,000 within a few days.
Kyle Rodda, a senior market analyst at Capital.com, is optimistic about Bitcoin’s future performance, benefiting from the rise in tech stocks and the monetary policies of the Federal Reserve. He stated that Bitcoin’s trend is closely related to the performance of the top 100 tech companies on the Nasdaq, and the rise in the index indicates increased market confidence in the Fed’s interest rate cuts, as they are near historical highs. Due to low implied volatility and bullish sentiment, Bitcoin continues to serve as an indicator of currency policy expectations and risk appetite.
According to CoinMarketCap, the cryptocurrency market cap increased by approximately 9% on May 20, and has risen by 24% since May, reaching $2.27 trillion.
Translation by: Sophia Wu