Bitcoin is poised to reach a new all-time high this weekend if upcoming payroll data on June 7 is favorable, according to Standard Chartered’s head of crypto research Geoffrey Kendrick.
According to Kendrick:
“Should tomorrow’s payroll data be favorable, I anticipate a fresh all-time high over the weekend, potentially paving the way for Bitcoin to hit $80,000 by the end of June.”
The flagship crypto was trading a little above $71,000 as of press time.
Kendrick also reaffirmed previous projections and said he maintains a bullish outlook on Bitcoin’s price, predicting it will reach $150,000 by the end of 2024 and $200,000 by the end of 2025.
Achieving a $150,000 price point would elevate Bitcoin’s market capitalization to $3 trillion, a milestone recently reached by Nvidia.
Looking ahead to the US election, Kendrick sees it as a significant driver for Bitcoin prices.
The Biden administration has shown a mixed stance, approving Ethereum ETFs but vetoing efforts to repeal SAB 121, indicating a pragmatic yet cautious approach. In contrast, former President Donald Trump is perceived as more favorable toward crypto.
Kendrick said:
“As we approach the US election, I expect Bitcoin to reach $100,000, with the potential to climb to $150,000 by year-end in the event of a Trump victory.”
He added that investors should maintain their positions in Bitcoin amid these positive trends and market conditions.
The forecast comes amid a surge in net inflows into US spot Bitcoin ETFs, which have now surpassed $15 billion.
The recent inflows mark 17 consecutive trading days of positive movement, with Tuesday alone seeing $887 million in new investments, the second-highest single-day inflow on record.
This trend began in mid-May, following the release of 13F filings that highlighted strong and diverse holdings in Bitcoin ETFs for the first quarter. BlackRock’s iShares Bitcoin Trust (IBIT) reported 414 holders, including major banks, hedge funds, and state pension funds.
Kendrick said:
“The broad-based institutional participation is a significant validation of Bitcoin ETFs and suggests that these inflows are here to stay.”
In addition to Bitcoin, the approval of Ethereum ETFs has bolstered confidence in the crypto market. Kendrick’s January projections estimated that spot ETFs could add between 437,000 and 1.32 million net new bitcoins in 2024.
Five months into the year, the actual inflows are aligning with these predictions.
AJ, a passionate journalist since Yemen’s 2011 Arab Spring, has honed his skills worldwide for over a decade. Specializing in financial journalism, he now focuses on crypto reporting.
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