Analysts from a leading international cross-border bank, Standard chartered have made a bold prediction that Bitcoin could witness significant growth up-to-date all-time highs over $73,700. This projection, slightly higher than the cryptocurrency’s previous peak, has an unexpected and completely ambitious timeline.

Bitcoin poised to reach up-to-date all-time highs

Geoff Kendrick, Director of EM FX Research, West and Crypto Research, Standard Chartered, provided a bullish forecast for Bitcoin, the world’s largest cryptocurrency. In an email to TheBlock, Kendrick stated that on March 14, 2024, Bitcoin is poised to break its previous all-time high and witness a massive surge to around $73,798.

The analyst predicted a pretty impressive timeline for this bullish rally, expecting Bitcoin to hit its forecast price target by the weekend. Kendrick attributed this potential price augment to recent inflows of goods Spot Bitcoin ETF.

Earlier on May 21, data from Farside investors indicated that Spot Bitcoin ETFs did recorded their best week of data inflow in the last two months. More than $305.7 million flowed into the digital asset, with BlackRock’s Bitcoin Trust ETF (IBIT) collecting the largest inflows of $290 million.

Collectively, Spot Bitcoin ETFs have recorded over $13 billion has flowed in since its launch on January 11 to date. This increased demand and capital inflow, which was a major contributor to Bitcoin’s previous surge to a up-to-date record high in March, may are driving up-to-date cryptocurrency growth.

Kendrick also revealed that eventual approval Spot Ethereum ETFs by the US Securities and Exchange Commission (SEC) may have a significant impact on the dynamics of Bitcoin prices. The analyst doubled his previous price forecast, which predicts Bitcoin will rise to $150,000 by the end of 2024 and a whopping $200,000 augment in 2025.

BTC price analysis

At the time of writing Bitcoin price According to CoinMarketCap, the price is $70,013, reflecting a slight decline of 1.39% over the last 24 hours. Cryptocurrency was found on constant upward momentum over the past week, we have seen continuous price increases that have led to a keen augment of 12.86%.

Popular cryptocurrency analyst Michael van de Poppe has reported that Bitcoin is up more than 20% from its previous lows of $56,000 earlier this year. The Ethereum Spot ETF approval may see the price of the cryptocurrency potentially augment more according to previous patterns when SEC Approval of Spot Bitcoin ETFs triggered a grave augment in the prices of the pioneering cryptocurrency.

This bullish breakout sentiment is shared by cryptocurrency analyst Ali Martinez, who did just that he stated that Bitcoin currently shows great potential for further gains, which highlights the sturdy price potential of this cryptocurrency and sturdy foundations.

Featured image created with Dall.E, chart from Tradingview.com