Key Points
- Bitcoin is projected to reach a new all-time high by the weekend, according to a financial analyst.
- The potential approval of a spot ether ETF could further validate the cryptocurrency sector and positively impact Bitcoin.
Geoff Kendrick, Head of FX Research and Digital Assets Research at Standard Chartered Bank, anticipates that Bitcoin will reach a new all-time high by the weekend, surpassing the March 14th level of $73,798.
Bitcoin’s Year-End Price Target
Kendrick’s confidence in his price targets for Bitcoin, $150,000 by the end of 2024 and $200,000 by the end of 2025, is bolstered by the potential approval of spot ether ETFs this week. He also noted increased inflows into spot Bitcoin ETFs in recent days, reaching a new all-time high of $12.9 billion.
According to Senior Market Analyst at Capital.com, Kyle Rodda, Bitcoin’s price movement is closely tied to the performance of the top 100 tech companies on the Nasdaq. He stated that Bitcoin’s correlation with U.S. tech stocks continues as both push towards record highs.
SEC Requests Amendments to ETF Filings
In the last 24 hours, the entire cryptocurrency market has rallied, increasing by over 8%. This surge follows the SEC’s request for updates to 19b-4 filings for spot ether ETFs, indicating potential progress towards approval. The first deadline for spot ether ETF is approaching, with VanEck’s on May 23 and Ark Invest/21Shares’ on May 24.
After the SEC’s request, Bloomberg ETF analysts James Seyffart and Eric Balchunas stated that the chances of the SEC approving such a product have increased from 25% to 75%.
Bitcoin’s price increased by over 3.68% in the last 24 hours and was trading at $69,940. The GM 30 Index, representing a selection of the top 30 cryptocurrencies, increased by 8.78% to 148.81 in the same period.
