Standard Chartered's head of digital assets analysis, Geoff Kendrick, has predicted that Bitcoin's price may potentially more than double this year due to a bullish situation that might restart its ascent.
Last week, Kendrick spoke with BNN Bloomberg and restated his firm's price estimate for bitcoin: $150,000.
This would mean that by the end of the year, bitcoin's value might rise by 127%.
Following an 11% drop from its all-time high of over $73,000 in March of this year, Bitcoin has recently retreated.
Bitcoin ETFS inflows have slowed, and increasing tensions in the Middle East have "dominated" crypto markets for the time being,
according to Kendrick, which has caused the pullback. However, he believes that this could change later in the year as a result of a significant influx of investors:
According to Kendrick's estimation, spot bitcoin exchange-traded funds have raised approximately $12 billion since their approval in January.
While cryptocurrency investors may be on the sidelines for the time being, he estimated that once the US crypto ETF industry is "mature," inflows might reach $50–100 billion in the next two years.
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