Bitcoin (BTC) saw a bullish start to October, known as Uptober, with prices exceeding $120,000 despite uncertainties related to the US government shutdown. Standard Chartered, a financial giant managing assets worth $850 billion, predicts a new all-time high for Bitcoin within the next week. Geoff Kendrick, Head of Global Digital Assets Research at Standard Chartered, issued this prediction to Decrypt magazine. 📈 ,
Kendrick believes that the cryptocurrency will reach a new record high and continue to rise, reaching an estimated $135,000.
Kendrick’s previous predictions for Bitcoin to reach $200,000 by year-end remain valid according to Kendrick, citing strong market momentum and increasing institutional interest as supporting factors.
The analyst anticipates a surge in institutional demand towards the end of the year with Bitcoin ETF inflows already at $58 billion. A further estimated $20 billion of these inflows are expected to occur this year. This positive outlook strengthens Kendrick’s prediction for BTC’s price reaching $200,000 by year-end.
*This is not investment advice.*