According to a report by The Block, an analyst from Standard Chartered Bank stated that the approval of an Ethereum spot ETF this week will further legitimize the cryptocurrency industry, which is beneficial for Bitcoin as well.
Geoff Kendrick, Head of Foreign Exchange Research and Digital Asset Research at Standard Chartered Bank, stated in an email to The Block that the optimistic sentiment surrounding the possible approval of an Ethereum spot ETF this week has given him more confidence in his price predictions for Bitcoin. Kendrick predicts that Bitcoin will reach $150,000 by the end of 2024 and $200,000 by the end of 2025. He also pointed out that the recent days have been more constructive, with increased inflows of funds into Bitcoin spot ETFs, reaching a record $12.9 billion.
Related article: “Standard Chartered Bank highlights two catalysts for the cryptocurrency market: US fiscal dominance risk and Trump’s victory.”
