The head of crypto research at Standard Chartered, Geoffrey Kendrick, has made an optimistic forecast for the Bitcoin price. He predicts that Bitcoin will continue to rise over the next 24 months, potentially reaching a price of $200,000 per Bitcoin by the end of 2025.
Standard Chartered has previously made similar predictions before exchange-traded Bitcoin funds (ETFs) were approved. Kendrick emphasized the significance of ETF approval for the potential rise of Bitcoin to $200,000.
According to Kendrick, increased demand for Bitcoin is likely to result in the cryptocurrency reaching a new all-time high before the halving event, which is less than two months away. He also forecasted that Bitcoin will reach the $100,000 mark by the end of this year as the halving further reduces the supply.
The upcoming halving, where the reward for mining new Bitcoins is halved, is expected to reduce Bitcoin's inflation rate from about 1.7% to about 0.8%. Kendrick also pointed out significant inflows into Bitcoin ETFs launched in early 2024, which had a significant impact on the market.
Broader market conditions and potential changes in US Federal Reserve policy could also favor Bitcoin's rise. Kendrick explained that the Fed's loose monetary policy could support risk assets, including cryptocurrencies.
Kendrick's statements were made during a CNBC interview on February 29. He stressed that all macroeconomic and fundamental indicators point to a continuing rally for Bitcoin.
