Bitcoin (CRYPTO: BTC) is expected to reach a new all-time high by the weekend, according to a prominent analyst at Standard Chartered Bank.
What Happened: Geoff Kendrick, the Head of FX Research and Digital Assets Research at Standard Chartered, predicted that Bitcoin could hit a new all-time high by the weekend, surpassing the $73,798 level it reached on Mar. 14, reported The Block.
"I would expect a fresh all-time high in bitcoin by the weekend, through the 14 March $73,798 level," Kendrick said.
Kendrick also linked the potential approval of spot ether ETFs to Bitcoin's performance, stating that it would further legitimize the cryptocurrency sector. He expressed confidence in his Bitcoin price targets of $150,000 by the end of 2024 and $200,000 by the end of 2025.
Recent days have seen a surge in inflows into spot Bitcoin ETFs, reaching a new all-time high of $12.9 billion, Kendrick noted.
Why It Matters: This cryptocurrency rally follows the SEC's request for updates to 19b-4 filings for spot Ethereum (CRYPTO: ETH) ETFs on Monday, indicating potential progress toward approval. Analysts have suggested that the chances of the SEC approving such a product have increased from 25% to 75%.
How Other Cryptocurrencies Are Faring: The cryptocurrency market has seen a surge in meme coins, with Pepe and Floki leading the rally, outperforming other cryptocurrencies.
Meanwhile, Ethereum and Dogecoin (CRYPTO: DOGE) have continued their rallies, with Ethereum futures peaking at an all-time high of $15.1 billion, driven by speculation of an imminent spot Ethereum ETF approval.
Price Action: Bitcoin is currently trading at $70,042, down 0.14% in the last 24 hours. However, the cryptocurrency is up 58.57% year-to-date, according to the data from Benzinga Pro.
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